There are some government incentives out there to help if you are a First Time Buyer. There is a Help To Buy scheme created by the government and it consists of two parts; Help To Buy Shared Ownership and Help To Buy Equity Loans.
Shared ownership means you can buy shares (25%-75%) of a new or existing property and pay rent on the remaining portion.
The equity loan option means you can get a loan of up to 20% of the purchase cost from the government. This means your deposit only needs to be 5% and your mortgage will be 75%.
Additionally, there is the help to buy ISA, which rewards you with a bonus of up to £3000 if you pay in £1200 in the first month and £200 a month thereafter.
If you’d like to know more about these government incentives, please get in touch with Fees Free Mortgages.