14/08/2013 by dreammoneygroup
Over 10,000 people have taken advantage of the Government New Buyer Scheme since it was launched earlier this year. The scheme allows first time buyers to get on the property ladder with a 5% deposit, a 20% interest free equity loan from the government meaning you only need to get a 75% mortgage from your bank.
I think it’s a really good scheme however brand new houses are usually “over-priced”. From 2014, the government will be opening up the new buyer scheme to existing houses. You will be able to apply for this new scheme later on in the year from the link below. This change will most certainly double the number of new buyers!
It’s also a great opportunity for sellers with house value expected to increase by 7% in 2014. So if you’re looking at buying a property on the scheme in 2014 start your research now so you’re ready when the scheme opens. Find out how much your bank may be willing to lend you, look at house prices in the areas you want to live, make sure you’re on the electoral roll and that your credit score is as good as it can be.
I’ll be inviting you all to a housewarming party in 2014 ;)