Basics / Government schemes

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Help to Buy

The Help to Buy scheme was announced by the Government in March 2013.

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Shared equity

Not to be confused with 'shared ownership', with a 'shared equity' scheme the Government provides the borrower with an 'equity loan'.

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Shared ownership

Shared ownership schemes allow people to buy a portion of a property from a housing association and to pay rent on the remaining portion.

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The Armed Forces Home Ownership Scheme (AFHOS)

AFHOS allows service personnel who have between four and six years’ service to buy a property for up to £300,000.

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Right to Buy

Right to Buy allows most council tenants who have lived in their council home for five years to buy it at a discount.

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Right to Acquire

Right to Acquire is a scheme which enables housing association tenants to buy their home at a discount.

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NewBuy

In addition to FirstBuy, the Government launched a second scheme in March 2012 to kick start the housing market, called NewBuy.

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FirstBuy Direct

In June 2011, the Government launched FirstBuy Direct, a shared equity loan scheme designed to assist first-time buyers and boost the construction industry.

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Government schemes

There are a number of Government schemes in place to help first-time buyers, key workers and other lower earners onto the property ladder.

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Moving home

Before you start looking for a specific property, it makes sense to choose a defined area and check it out.

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Flexible mortgages

A truly flexible mortgage allows you to do the following:

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Discount mortgages

We all love a good discount - there is a certain satisfaction to be had from knowing you have gotten something cheaper than it should be. But did you know that when it comes to mortgages, it is sometimes possible to get a discount off your rate of interest?

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Tracker mortgages

This type of product follows the Bank of England Base Rate or the lender's Standard Variable Rate (SVR), plus or minus a certain percentage.

Fixed-rate mortgages

Fixed-rate mortgages are fairly popular in the UK. As the name suggests, they allow you to fix the rate of interest you will pay on your mortgage for an agreed period.

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Variable rate mortagages

Every mortgage lender has a standard variable rate (SVR) that is loosely based on the Bank Rate; the benchmark interest rate set by the Bank of England.

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