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Extra help for those earning less, and wanting to get on the property ladder

Extra help for those earning less, and wanting to get on the property ladder

There are a number of schemes and incentives to help first time buyers. Take stamp duty for one. Currently, as a first time buyer, you won’t need to pay stamp duty on purchases up to £300,000. Anything over this will be charged at the standard rate.

There are also schemes to helps those earning less. A Shared Ownership scheme enables you to purchase an initial share of the property, usually between 25% and 75%, with a housing association owning the rest. There is the flexibility that over time, you can buy more of the property. This process is known as “Staircasing”.

Currently, shares can only be purchased in 10% chunks, however the government plans to lower this to 1%, making it easier and more achievable to staircase.

Another popular scheme is the governments Help to Buy scheme. Currently the maximum term that Help to Buy mortgages can be over is 25 years. Along with the new Shared Ownership legislation, the government plans to close the 25 year loophole and allow mortgages to go beyond this up to 35 years, making properties more affordable for buyers on a lower income. To see how a term would affect your mortgage repayments, check out our mortgage repayment calculator.


Don't forget, First For Futures has access to over 90 different lenders and around 12,000 different products. Get in touch today via phone, or any of our social channels to see how we can help you today. We never charge upfront fees.

Call us on 01202 985 185

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Experts in Mortgage & Protection Advice, our speciality is helping people move. Whether you're moving the family home, or buying your first, our job is to make the home buying process simpler, easier and quicker.

With access to over 90 lenders and around 12,000 products, you can be safe in the knowledge that you're in good hands.

We can help all types of clients also. Whether you're employed, self employed, a contractor or had financial difficulty in the past, leave it to us. Just about the only thing we can't help with is packing boxes on moving day!

We charge no upfront fee, so what have you got to lose? Call a specialist now on 0330 133 0890.

Because we play by the book we want to tell you that…

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

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