You can be confident you have come to the right place for Help to Buy Advice as Concise Financial Solutions provide specialist advice and help on a range of low-cost affordable housing and Government backed schemes designed to make it more affordable for you to buy a home.
We give an overview of how each scheme works, confirm if you're eligible for the scheme and which homes qualify under it. We can also ensure you secure the best and most suitable mortgage available from the whole of the market.
Schemes currently available include:
First Homes
First Homes is a new scheme designed to help local first time buyers and key workers onto the property ladder, by offering homes at a discount of at least 30% compared to the market price. In some areas the discount could be as high as 50%, providing even greater savings.
The discounts will apply to the homes forever, meaning that generations of new buyers and the local community will continue to benefit every time the property is sold.
Shared Ownership
Shared ownership schemes (part buy/part rent) are provided through housing associations.
You buy a share of between 25% and 75% of home from a registered provider, usually a housing association. You then pay a subsidised monthly rent to the housing association for the remaining share. The share you buy is calculated by the registered provider and is based on what you can afford. The bigger the share you buy, the less rent you have to pay. You will need to be able to raise a mortgage for the share you want to purchase, unless you have sufficient savings of your own to buy your share outright.
Shared Ownership is great if you have limited savings, as the deposit required is based on the share you are buying. If you buy a small share, you’ll have a smaller mortgage and therefore need a smaller deposit.
Please note that for some shared ownership properties you may need to show a local connection to an area.
Forces Help to Buy Scheme
The scheme enables service personnel to borrow up to 50% of your salary, up to a maximum of £25,000, interest free to go towards the purchase of a property.
It is available to servicemen and servicewomen who have completed the pre-requisite length of service, have more than 6 months left to serve and meet the right medical categories.
Right to Buy
If you are a council tenant you may be eligible to buy your home at a significant discount.
For many, this is a better long-term option than renting, and as there is a discount applied to the purchase price, this means no deposit is required to purchase your own home!
Lifetime ISA
A Lifetime ISA (LISA) allows you to save up to £4,000 every tax year – either paid gradually or as a lump sum – to put towards your first home or retirement, with the government adding a 25% bonus on top of what you save, up to a maximum of £1,000 per year.
Funds can be withdrawn without charge 12 months after opening the LISA , if used as a deposit for the account holder’s first home, subject to certain conditions.