Welcome to Burnley, a busy and colorful town I’m glad to live in. It’s a beautiful town that mixes old history, countryside quiet, and city-like conveniences. It’s a great place for setting up a home. If you’re thinking of buying a house here, it’s important to know about the real estate market. One big thing is the Help to Buy scheme, which the government has set up to help people own their dream home. I’ve lived and worked in this area all my life, and I can help you understand the scheme here in Burnley.
The Help to Buy Scheme helps people buy their first home or move to a better one. It’s very helpful in Burnley where the house market keeps growing. The scheme has two sections: the Equity Loan and the Mortgage Guarantee. Knowing about each section can really help you use the scheme effectively.
With the Equity Loan, the government can lend buyers up to 20% (or 40% in London) of a new home’s price. This means you only have to put down a 5% cash deposit and get a 75% mortgage for the rest. For the first five years, you won’t have to pay fees on the loan.
The Mortgage Guarantee, on the other hand, encourages lenders to give 95% mortgages. This increases the number of high loan-to-value mortgages. This second part of the scheme applies to both new and existing houses, giving you more options for buying a house.
Burnley has different kinds of houses like modern flats, old-style terraces, and new buildings. This means there’s something for everyone, whatever their budget. Understanding the Help to Buy Scheme can widen your choices. Paired with the affordability of Burnley, owning a home is a reality.
Each person’s needs can affect the way the Help to Buy Scheme works for them. That’s why talking to professionals, especially real estate agents, can be a big help. They know the local housing market and can give you advice that fits you. Knowing all about the scheme, what it can and can’t do, what’s good and bad about it, will help you understand the complex language of real estate and make good decisions.
Buying a house may seem scary, especially if you’ve never done it before. However, with the right knowledge, tools like the Help to Buy scheme and support from local experts (like me), you can do it. This guide is here to make the scheme simpler and explain how it can work in Burnley’s housing market. Keep in mind, using the scheme to buy a house in Burnley is a major financial choice. That’s why it’s good to always be informed and seek professional advice. Local experts are here to make house-buying easier and more enjoyable. Welcome to Burnley, maybe your future home sweet home.