First Time Buyers Guide
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Your home may be re-possessed if you do not keep up repayments on your mortgage.
The government has launched its HomeBuy Scheme to help first time buyers and other groups of people, living in England, to get onto the housing ladder. They operate in a very similar way to the shared equity type of arrangement mentioned in the deposit raising section. As a First Time buyer, you automatically fit one of the basic criteria for the HomeBuy Scheme and you may be eligible for one of the schemes if you live in England.
To handle enquiries for the HomeBuy Scheme, the government has appointed a number of agents throughout England and generally, you need to apply to one of these agents in the area you currently live, not where you are proposing to buy. These agents will pass your application to the government office in charge of the HomeBuy Scheme.
To handle enquiries for the HomeBuy Scheme, the government has appointed a number of agents throughout England and generally, you need to apply to one of these agents in the area you currently live, not where you are proposing to buy. These agents will pass your application to the government office in charge of the HomeBuy Scheme.
Government Help
Last updated 15 March 2009
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Further detailed information, HomeBuy Scheme
New Build HomeBuy Scheme for first time buyers
This HomeBuy Scheme allows you to start by purchasing from as little as 25 per cent of a new build property and pay rent on the rest. This is really very similar to the shared ownership schemes mentioned elsewhere.
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The Decision to Buy
Step 7
Direct HomeBuy Scheme for first time buyers
Offers an equity loan for up to 30 per cent of the value of certain newly built properties. The loan can be used as a deposit and is repaid when you sell the property. This HomeBuy Scheme is really very similar to the shared equity schemes mentioned elsewhere.
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Offers an equity loan for up to 50 per cent of the property’s value, to run alongside a regular mortgage. The loan can be used as a deposit and is repaid when you sell the property. You may buy a property on the open market and will be the sole owner. Again, this HomeBuy Scheme is similar to shared equity.
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Open Market HomeBuy Scheme for first time buyers
If you are a key public sector worker, such as a nurse or teacher, you could get help to buy a home as part the Key Worker Living Programme.
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Key Worker Programme
Find out if you qualify and who to contact, by visiting the governments website at www.direct.gov.uk. Note that there are or soon will be, similar schemes for Scotland, Northern Ireland and Wales but they may come under different names. You need to do your research on HomeBuy schemes before deciding if they suit you.
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HomeBuy Scheme
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