Buying a house can be a huge step in your life and one of the most important financial decisions that you will ever make. Luckily, there are plenty of government house buying schemes available, whether you’re a first time buyer or not. Read our blog post below to find out more.

Shared Ownership

The Shared Ownership scheme consists of buying a share of a home from the landlord, who tends to be the council or housing association, and then rent the portion that you do not own. You’ll need to have a mortgage on the part of the property that you own, which can be between 25% and 75%, and you can then pay a reduced rent on the rest. Later on, you can choose to buy a bigger share of the property, up to 100%. 

You can buy a home through this scheme if you have a household income of less than £80,000 per year outside of London, or £90,000 inside of London. You are also eligible if you are a first time buyer, you used to own a home but can’t afford to buy another one, or you currently have a shared ownership property but are looking to move. 

Right To Buy/Right to Acquire

This scheme is for tenants in the United Kingdom who rent their home from their local council. It allows those who qualify to buy their home at a discount, the size of which depends on where you live and the type of property. To qualify for this, tenants must have rented from the public sector for at least three years. They do not have to be consecutive years so you could still qualify for this scheme if you have privately rented in between. 

Older People

If you’re aged 55 or over, you can get help from a house buying scheme called ‘Older People’s Shared Ownership’. It works the same way as the usual Shared Ownership scheme, but you can only buy up to 75% of the property. However, once you own 75% you will no longer be required to pay any rent on the remaining 25%. 

If there is anything that you are unsure of, or for more information on buying a house, contact Chancellors for help.