If you’re dreaming of owning a house in Burnley, Lancashire County, I can help you. As an expert in local real estate, I can explain how the government’s Help to Buy scheme could help you. Burnley’s strong economy, history, and beautiful countryside make it a great place for a home. The Help to Buy scheme is for first-time buyers and homeowners, helping them move up the property ladder. This guide will show you how the scheme works and how it can be used in Burnley.
First, let’s go through the Help to Buy scheme. It’s a UK government program from 2013, designed to make it easier for people to own homes. It helps buyers with an equity loan of up to 20% (or 40% in London) of the home’s cost. This means you’d only need a 5% cash deposit and a 75% mortgage to pay for the rest. Plus, for your first five years of home ownership, you won’t need to pay fees on the 20% loan.
In Burnley, there’s a mix of beautiful Victorian buildings and modern developments, making it a great place for this scheme. There are new homes by the Leeds and Liverpool Canal, as well as modern apartments in old Victorian factories. Burnley has a wide range of properties for potential buyers.
Getting to know the Help to Buy scheme application process will make it easier to buy your home. First, you need to check if you’re eligible. You mustn’t own any other homes when you buy your new one. Local Help to Buy agents can help, especially in Burnley’s area of the North West.
Once you’re eligible, you need to find a Help to Buy property. You can use local estate agents, the council, or a Help to Buy agent to do this. Remember, in the North West (including Burnley), the maximum price for a Help to Buy property is £224,000.
When you find a property, a Help to Buy mortgage lender can give you an ‘agreement in principle’. This shows how much you might borrow. Then, you can start home hunting. Just remember, borrowing a lot will mean higher interest and mortgage payments. So, be sure to check your budget before buying.
After this, complete and sign a property information form. This should be sent to your local Help to Buy agent with the help from the property developer. Once your application is approved, you’re on the way to owning your dream home in Burnley.
Finally, using the Help to Buy scheme to purchase a home in Burnley could be a good idea for first-time homebuyers. If you understand how the scheme works and budget correctly, you can really benefit. Burnley has many homes that fit into the scheme. With smart planning, advice from local real estate professionals, and a solid understanding of the scheme, you’ll be in your new home in no time. Burnley’s welcoming community is waiting for you!