Buying a home is an exciting time but it could be the biggest single investment you ever make. If you are single and buying a home, it might feel like you are making lots of decisions completely on your own. But don’t lose heart, spending some time researching the schemes and savings options available to you, might just help you lighten the load.
Help to Buy ISA
If you’re saving to buy your first home, saving money into a Help to Buy: ISA can help top up your savings pot. The government will boost your savings by 25%. So, for every £200 you save, you will receive a government bonus of £50. The maximum government bonus you can receive is £3,000.
Shared Ownership
Shared ownership schemes are aimed mainly at first time buyers, who don’t earn enough to buy a home outright, and are a cross between buying and renting. With shared ownership, you buy between a quarter and three-quarters of a property and have the option to buy a bigger share in the property at a later date. To qualify to buy a home through shared ownership, your criteria should fit the following:
- Your household has to earn £80,000 a year or less, outside of London.
- You are a first-time buyer and used to own your home, but can’t afford to buy one now or you’re an existing shared owner looking to move.
Most of the homes available are newly built, but some are properties being re-sold by housing associations. All shared ownership homes in England are offered on a leasehold only basis.
