Buying a home

The increasing house prices along with difficulties in getting a mortgage has made home ownership difficult in Trafford, especially for first-time-buyers. However, there are options available to help make home ownership more affordable for those looking to get onto the property ladder.

Help to buy

Help to Buy is a government initiative that aims to help people own their own home. There are several options available depending on your circumstances.

Equity Loan

With this scheme the government lends you up to 20% of the cost of a new-build home, so you’ll only need a minimum 5% cash deposit and a 75% mortgage to make up the rest.

You can find out more by visiting Help to Buy North West.

Mortgage Guarantee

The Mortgage Guarantee scheme offers 95% mortgages to both first-time-buyers and existing home owners for properties costing £600,000 or less.

You can find out more by visiting Own your Home.

First Homes

The First Homes scheme allows first-time-buyers to purchase properties at a discount of 30% compared to the market price. The discount will apply forever, meaning the property will remain discounted when re-sold.

You can find out more by visiting Own your Home.

Lifetime ISA

The Lifetime ISA is a long-term savings product intended to help younger people save for their first home. If you are aged between 18 and 40, you can open a Lifetime ISA account and save up to £4000 each year until you’re 50. The government will add a 25% bonus to your savings, up to a maximum of £1000 per year.

Find out more about Lifetimes ISAs.

Forces Help to Buy

If you’re a member of armed forces, this scheme could let you borrow up to 50% of your salary to a maximum of £25,000, interest free, to help towards the cost of purchasing a property.

You can find out more by visiting Own your Home.

Shared ownership

Shared Ownership is a way for those who cannot afford market prices to get onto the property ladder. It is an ideal opportunity for first-time buyers.

When buying a Shared Ownership property you will buy a portion of the property that you can afford (this is usually 25%, 50% or 75%). You then rent the remaining portion (that you cannot afford to buy).

After an initial qualifying period, usually 12 months, the shared owner may buy further shares in the property (usually in 25% increments) but there is no obligation to do this. If you are able, it is possible to eventually buy 100% of the property.

There are additional Shared Ownership schemes available to those with long-term disabilities and for those aged 55 and over:

For more information, contact Help to Buy North West.