Help to Buy Scheme South is a local government scheme that enables first-time mortgage customers to get onto the property ladder by purchasing a share of a property (known as shared equity) or through a variety of other, related initiatives.
This scheme covers six regions and 38 Local Authority areas in the South:
- Bristol, Bath & North East Somerset, North Somerset and Mendip
- Hampshire & Isle of Wight
Solent Financial Services is delighted to be a member of the advisory panel for Radian Homes’ Help to Buy South service. This means we can advise prospective buyers about Help to Buy South.
Why is Help to Buy important, and how can we help you?
Everyone knows that it is becoming more difficult for first-time buyers to get onto the property ladder due to increasing house prices, high demand and the ever-increasing cost of living.
The government created the Help to Buy scheme to provide more opportunities for first-time buyers to purchase a home.
There are many Help to Buy products and options, including shared ownership, where you buy a share of a property (as much as you can afford, from 25% to 75%) and then pay a low-cost rent on the rest of your home. Typically this service is aimed at 18-29 year-olds.
If you are trying to get onto the housing ladder but can’t afford to buy or rent a suitable property on the open market, Help to Buy agencies may be able to help. Applicants in our region will have their eligibility assessed by Help to Buy South, but we can help to walk you through the process.
Basic eligibility criteria include:
- Your household earns £80,000 a year or less
- We recommend you have a household income of greater than £18,000 per annum (if you earn less than this but have substantial savings/equity then there may be other schemes to help)
- If purchasing, have savings of at least £2,500 to cover legal and other costs, and have a good credit history
We’d be delighted to answer your questions about Help to Buy – feel free to call us on 01489 876 580.