First time buyer incentives – are you taking full advantage?
13 January
As a First Time Buyer you are spoilt for choice in the way of incentives…
Stamp Duty relief
If you’re buying your first home you pay no Stamp Duty on properties under £300,000
Lifetime ISA
Anyone aged 18 to 39, not currently a home owner, can save £4,000 a year and get a 25% bonus from the government on top
Help to Buy ISA
The Help to Buy ISA has just finished and is closed to new applicants. If you got a Help to Buy ISA before the deadline, you can still claim the 25% bonus or consider whether it's worth transferring to a Lifetime ISA.
Starter Home initiative
The government is relaunching this initiative - it will see 200,000 new build homes in England sold to first-time buyers with a 20 per cent discount
Shared Ownership
Shared ownership mortgages are part of a government scheme that aims to assist lower income households and first time buyers purchase a property. You can take out a mortgage for the share you own (usually between 25% and 75%), while paying rent on the rest.
London Priority
London Mayor, Sadiq Khan is preparing a ‘first-time buyer priority’ scheme restricting sales of new builds to local UK buyers, preferably FTBs, before units are offered to investors or non-local purchasers.
Help to Buy Equity Loan
This is a government-backed loan of 20 per cent of a home’s value. FTBs themselves have to find only a five per cent deposit. Existing account holders have until late 2030 to claim the bonus.
If you’re a first time buyer looking for your first property we can help you find it. Our sales team will help you find your ideal home. Get in touch with one of our teams today.
Swindon - 01793 611841
Cricklade - 01793 751044
Marlborough - 01672 514380
