Living in Burnley, I’ve watched the city change and the housing market adapt. Burnley offers affordable and appealing homes, with a history and future to match. A key thing for house buyers here are the helpful government schemes. These can give you a big helping hand, especially if you’re buying a house for the first time. Your dream home could be closer than you think, with all the options these schemes offer. In this guide, we’ll go over these schemes and show you how they could help you get your new home in Burnley.
One scheme that’s worth mentioning is the ‘Help to Buy: Equity Loan’. This gives loans for brand new properties, with up to 20% (40% in London) of the house’s cost covered. In Burnley, you only need a 5% down payment and a 75% mortgage for the rest. It can really help first-time buyers or people wanting to move. But remember, from April 2021, it’s only for people buying their first home and there are price caps depending on where you live.
The ‘Shared Ownership Scheme’ is another option. You can buy between 25% and 75% of a house from a housing association, and then you just pay rent on the bit you don’t own. This can be a good way if your deposit or income is lower to still be able to buy a house.
‘Right to Buy’ is also available in Burnley. If you’re a public sector tenant and have lived in your place for more than three years, you can buy it at a discount. How much you get off depends on how long you’ve been a tenant and the type of property you want to buy.
If you’re a public house tenant wanting a change, the ‘Home Swap’ scheme could be for you. You can swap houses with another tenant anywhere in the country, so you can find a new neighbourhood to live in.
It’s crucial to remember these schemes have specific requirements and you need to check if you qualify. Consulting with a mortgage advisor can help you make sense of your options. The housing market in Burnley is always changing and new government schemes may pop up, offering even more chances to buy a house.
Becoming a homeowner is a big deal, so it’s important to understand your options. At first, these government schemes can feel a bit confusing, but they can be a real help in buying a house. They can help solve money problems and bring you one step closer to owning a house in Burnley.
To wrap up, the government schemes in Burnley can offer real help when buying a house. There are several choices, including the ‘Help to Buy: Equity Loan’, ‘Shared Ownership Scheme’, ‘Right to Buy’, and ‘Home Swap’. They can make buying a house easier. It’s important to understand how these schemes work and it’s a good idea to get professional advice. Nice homes in Burnley are available for all sorts of buyers, and these schemes can make the journey even easier. So, start exploring these options and get one step closer to finding your dream house in Burnley.