Moving to London is a big step so you want to be prepared. Whether you’re looking at shared ownership West London or something more central like Tower Hamlets, settling down in the centre is an exciting investment for anyone. So before you make your move ensure that you’re in the know when it comes to housing schemes and different ways to get on the property ladder without the hassle.
This scheme has grown in popularity in London for quite sometime now. With the shiny new developments, wide range of areas to choose from and affordability, make sure to not miss this government scheme if London is your chosen habitat. Shared Ownership London allows you to part-buy, part-rent your home without sharing with anyone. You basically buy a share in your property and pay a subsidised rent on the remaining portion of the property. You also only pay a deposit on the portion you wish to buy so this could really save you when it comes to saving for that deposit. And until the end of June you pay absolutely no stamp duty on the property up to a value of £500,000 so there’s definitely reason to be quick. These homes are also all brand new or refurbished listed buildings from Victorian Villas to spacious mill apartments. Shared ownership is available right across the London area from Shared Ownership Acton in West London to shared ownership Croydon. With the vast range of choice, shared ownership is something to consider when buying a property in the capital.
Help to Buy
This scheme is definitely worth looking into if you have your heart set on London. Help to buy allows you to take out a government equity loan of 40% of the value of the property in London. This loan has absolutely no interest fee for the first 5 years of your living there and takes a big chunk off your mortgage to really take the pressure off. While the scheme offers a 20% equity loan outside of London, buying a home under the scheme within the city is a great idea through Help to Buy. Not only do you get a no interest loan for 5 years but you also only have to put down a 5% deposit on the property you love. With Help to Buy you own the entire property and simply pay off your equity loan when you can afford it, when you move house or after the term is over which can be 20 years or more. With this scheme you only need to get a mortgage for 55% of the property value so those interest payments will feel a lot less of a burden. And with plenty of property portals like Keaze.co.uk, offering the scheme, the process is quick and simple.
Stamp Duty Holiday
Finally, this is something to bear in mind if you’re thinking of buying your home this year. June 31st is the date you want to remember because this is when the stamp duty holiday ends. Stamp Duty is essentially the tax you pay on the land of the property and varies in accordance with the value of the property. However at the current time and up until the end of june the government have put a hold on stamp duty land tax meaning if you’re buying a home up to the value of £500,000 you won’t have to pay any stamp duty saving you up to £15,000. Something you definitely want to consider before the deadline hits on that end of June date!
So whether you’re looking at Shared Ownership West Drayton or Help to Buy in Shoreditch, get to know your options and you could find yourself a much better deal than you may think.