Help to Buy Mortgage Schemes for First Time Buyers in Doncaster

Help to Buy Mortgage Advice in Doncaster

After the events of the unfortunate credit crunch back in 2008, the government introduced backup as a means of boosting the damaged mortgage market.

They introduced a variety of methods to help First Time Buyers in Doncaster find their spot on the property ladder. The methods brought in were called Help to Buy Schemes.

There are a few different Help to Buy Schemes that are available, each with varying eligibility criteria to meet. Here is a list of the most common schemes you’ll come across for a Help to Buy in Doncaster.

Help to Buy Shared Ownership Scheme

The Help to Buy Shared Ownership Scheme allows people to purchase only a share of a property, paying the remaining amount owed as a monthly rental fee to your local authority, who will own the remaining share.

You’ll generally be earning a percentage that is somewhere between 25-75%, though this is not always the case. If you come into more money, you may have the option to potentially increase your shares.

Regarding your rental income, you will essentially be paying 100% of the ground rent and service charge on the property.

Help to Buy Armed Forces Scheme

The Armed Forces Help to Buy Scheme was brought in by the government back in 2014, following on from the success of the Help to Buy Equity Loan Scheme.

It is similar in concept to the original Help to Buy Scheme, helping first time home buyers who have served in the military, to find their own place on the property ladder.

If you happen to meet the criteria for this particular mortgage scheme, it could be a great way to help home buyers get onto the property ladder when they otherwise may not be able to.

The government has made this now an enduring policy. We are hoping this stays around, as not only a way to thank the armed services with a financial boost, but to also help them to own their own home.

Bonus: Lifetime ISA

Whilst technically not a Help to Buy Scheme variation, the Lifetime ISA is often a scheme that people forget about. The reality is, is that it can be a very helpful tool for helping you to purchase your first home as a First Time Buyer in Doncaster.

The function of this, is that it is basically a savings account for finances to grow, free of tax. You’ll get a yearly government top-up of 25%, with a capped amount of £4,000. This means if you go with the maximum amount, you’ll get a nice £1,000 bonus!

In order to access this, you will need to meet very specific lending criteria. Full information can be found on the Lifetime ISA website.