v BRINGING THE GOOD NEWS TO YOU SINCE 1994 v 5th January 2023 • The HERALD • Page 63 ASK A PROFESSIONAL Sanders Design S E R V I C E S L T D BUILDING PLANS AND DETAILED DRAWING SERVICE Complete professional service for extensions, conversions, new houses and commercial projects • Computer Aided Design Drawings • Free Initial Visit and Quotation 95 Cedar Road, Hythe, Southampton SO45 3PX Tel: 023 8020 7195 Email: info@sandersdesignservices.co.uk Web: www.sandersdesignservices.co.uk What are the Options Left for First Time Buyers Now the Help to Buy Scheme is Closing? Lesley Price FCILEx of CGM Hampshire Limited explains more 1. First Homes Scheme If you’re a rst-time buyer, you may be able buy a home for 30% to 50% less than its market value. e home can be: • a new home built by a developer • a home you buy from someone else who originally bought it as part of the scheme. e homes cannot cost more than £420,000 in London, or £250,000 anywhere else in England, a er the discount has been applied. 2. Shared ownership A Housing Association will sell a percentage share of a property to a purchaser and retain the remaining share. A Housing Association will grant you a lease and in return you pay a premium, which is a percentage of the market value of the leasehold interest and rent on the remaining share. You are then able to purchase additional shares until eventually you own 100% of the property. 3. Shared Equity Schemes In this scheme the Developer lends you up to 20% of the cost of a newly built home. is will be secured as a Second Charge (Mortgage) on your home and does not have to be repaid if you sell your home on under the scheme at a later date but the new buyer takes on the discount charge. 4. Mortgage Guarantee Scheme e Mortgage Guarantee Scheme aims to increase the number of 95% mortgages available to buyers with a 5% deposit. The government-backed scheme protects lenders o ering these loans from potential losses. • Mortgages under the scheme are only available on primary residences. is means they can’t be used on a buy-tolet property or second home. • e maximum value of the property is £600,000. For all these schemes you will need a mortgage broker and a conveyancer who specialise in this sector to assist you with looking at all the options to nd the one that is right for you. For more information or a no obligation quotation please contact: enquiries@c-g-m.co.uk Lesley Price FCILEx
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