We take a look at what the new plans could mean for first time buyers.
Last year the PM, David Cameron introduced plans to build 100,000 ‘starter homes’ across England that would be available at a 20% reduced rate for first time buyers. This is on the back of his promise to do so if he won the general election in May.But what does this actually mean for first time buyers? As new build specialists, we have put together some key points of the conservatives plans.
- Up to 100,000 new homes are to be offered to first-time-buyers under the age of 40 at a discount of 20%.
- Starter homes” will be sold at a 20% discount by exempting them from some taxes and the zero-carbon homes standard.
- The first-time buyers would also be eligible for the help to buy mortgage scheme which offers a 20% loan as long as the purchaser can provide at least a 5% deposit.
“We want to help more young people achieve the dream of home ownership so today I can pledge we will build 100,000 homes for young, first-time buyers.”
This is what the Prime Minister had to say about the starter homes.
Cameron said: “We want to help more young people achieve the dream of home ownership so today I can pledge we will build 100,000 homes for young, first-time buyers. We will make these starter homes 20 per cent cheaper by exempting them from a raft of taxes and by using brownfield land.“I don’t want to see young people locked out of home ownership. We’ve already started to tackle the problem with Help to Buy mortgages – and these new plans will help tens of thousands more people to buy their first home.”
Are You a First Time Buyer?
If you are looking for your first foot on the property ladder, or to find out more about the new government plans, we can help you source the right mortgage for you and provide financial advice to make the process a lot simpler and clearer for you. If you would like to speak to us about a free initial consultation, you can call us on 0191 500 8740 or email us at email@example.com