With the announcement that 175,000 will qualify for Shared Ownership following a shake-up of eligibility criteria this spring, and the rising popularity of Help-to-Buy, it’s clear that there are a growing number of affordable ways first time buyers can get onto the property ladder.
et, with this ever growing choice comes a whole host of questions: How do all these schemes differ, and which option is best for me? What criteria do I need to meet? Will there be masses of paperwork and hoops for me to jump through when applying for Shared Ownership or Help-to-Buy?
Aimed at getting all first time buyers fully clued up on the differences between Shared Ownership and Help-to-Buy, L&Q has launched its PricedIn Learning campaign, giving everyone the opportunity to assess which scheme is best for them, and offering advice on what to do next.
Shared Ownership, on the other hand, allows buyers to purchase a share in a property, renting the rest at a subsided rate. The deposit required can be as little as 5% of the value of the share of the property (for a 25% share in a property worth £400,000 for example, the deposit required could be just £5,000*).
From April, changes to the Shared Ownership will mean even more people will become eligible for the scheme. For most Shared Ownership homes, buyers will no longer have to live or work in a particular borough and maximum income levels will be increased to £80,000.