Saving to buy your first home can be a challenge for anyone, particularly as house prices continue to rise.
Luckily, there are some schemes to help you get together the monies you need to purchase your property.
Help to Buy ISA
The most common is the Help To Buy ISA. This operates in much the same way as a regular savings ISA, with the bonus that the Government will provide you with a payment of 25% of the amount saved (subject to a maximum bonus of £3,000), as long as you meet the criteria of the scheme.
For example, if you have saved £6,000, your bonus will be £1,500. The solicitor acting for you in the purchase of your property can make the application for the bonus on your behalf.
The Help to Buy ISA is available for all types of properties, and isn’t restricted to newly built properties. You are also not restricted in the mortgage lender that you choose.
Armed Forces Help to Buy Scheme
Some employers now also assist their staff in the purchase of their first home, such as with the Armed Forces Help to Buy Scheme, which assists with loans to help you with your deposit. This scheme is also approved by many lenders, however you should alert your financial advisor that you intend to use this scheme so they may make your mortgage company aware of this when making your mortgage application.