The government announced in the budget a new proposal which could help first time buyers.
Although we are not sure of what the criteria will be and if it will be postcode allocated, I thought it best to try and give you the facts as we know them.
Whether this will be good for Camberley people looking for their first mortgage, we’ll have to wait and see.
£250 million has been allocated to the ‘First Buy scheme’, this means that this is only available to real first time buyers. Those that do qualify, will be eligible for a loan of up to 20% of the property’s value.
But buyers will still have to find 5% from their own savings, there fore there will be 75% mortgage.
The 20% loan will be shared by the government and house builders.
The scheme is also only open to couples who have a combined salary is no more than £60,000.
This scheme will available for 10,000 new homes, which is just a drop in the ocean, considering the number of young people that want new properties.
Will this scheme be operated locally, well have to wait and see, but rest assured I will have my finger firmly on the pulse and keep you updated.
