Mortgages for first time buyers
Hey there. I'm looking into buying my first home and I need a mortgage. Are there any first time buyer benefits I can get?
Asked on Jul 11 2016,
New Homes in London |
Buying your first home can be one of the most exciting (and nerve-wracking) experiences in your life, and you might find yourself asking “can I really afford to do this?”. Luckily, there are certain benefits and schemes when it comes to mortgages for first time buyers, giving you that all-important helping hand onto the property ladder.
One way to build up your savings and eventually secure a better mortgage is to open a Help to Buy ISA account, this way, the government will contribute with 25% of your total savings up to a maximum payout of £3,000. You can also try a shared ownership scheme, where you’ll take a mortgage out just on the share that you’ll own.
Alternatively, you can open a LISA account (a lifetime ISA). With a LISA, you can save up to £4,000 each tax year, again the government will add their 25% at the end of each year (up to £1,000), and these funds can be withdrawn tax-free to buy a property worth up to £450,000.
Just remember, the best way to get ahead of the game is to build a decent credit history and make sure you’re in a steady job so that the better mortgage rates are more readily available.
Web reference: http://zo.op.la/adTOvd
Answered on Mar 27 2018,
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