A Strong Voice for Croydon Central - Gavin Barwell MP
Home
News
Help me
Campaigns
Biography
Contact me

How the government could help you to own your own home
04/08/2016 08:57:00

 
 

There was some news coverage earlier this week about the difficulties many people now face in getting on to the housing ladder, so I thought it would be helpful to post something about the government schemes that are here to help.

Over the past six years, these schemes have helped more than 300,000 households own their own home, but we want to go further. From help to save for a deposit to buying a share of a property, here’s a quick summary of five of the most popular schemes on offer:

Help to Buy: ISA

If you’re saving towards your first home, a Help to Buy: ISA will boost your savings by 25% when you save up to £200 a month. For every £200 you save, the government will top it up with £50. Over half a million Help to Buy: ISAs have been opened since they launched in December 2015.

Help to Buy: Equity Loan

If you want to own a new-build home in England, you could borrow 20% (up to 40% in London) of the purchase price from the government. You’d only need a 5% deposit and your mortgage would make up the rest.

Help to Buy: Mortgage Guarantee

If you’re struggling to afford a higher deposit, you could buy a new-build or an older home anywhere in the UK with just a 5% deposit.

Help to Buy: Shared Ownership

If you can’t quite afford to buy 100% of a home, you could buy a share of your home instead and pay rent on the rest. Deposits are as little as £1,500.

Starter Homes

If you’re a first-time buyer the upcoming Starter Homes scheme could help you buy a new-build home with a 20% discount. You can register your interest now.

Right to Buy

If you're a council tenant, we've increased Right to Buy discounts and if you're a housing association tenant we've reached agreement with housing associations to extend the Right to Buy to them - it will be introduced shortly.

For more information on these schemes, visit www.ownyourhome.gov.uk.

As the new Housing Minister, I want to ensure as many people as possible have the opportunity to realise their dream of owning their own home - not just for their sakes but also because doing so will release council and housing association homes and homes in the private rented sector for those in need. I’d be grateful for any comments and your feedback below.

Comment on this blog

 

 

 More Blog Posts
28/07/2017
Thank you
  Read Story
09/06/2017
My concession speech after the 2017 General Election
  Read Story
08/06/2017
Today is polling day - and why I hope you'll support me at the polls
  Read Story
07/06/2017
Five reasons to vote Conservative
  Read Story
06/06/2017
Howler at the hustings
  Read Story
23/05/2017
Campaigning suspended
  Read Story
22/05/2017
Funding care for the elderly while making sure people who have worked hard can pass something on to their kids or grandchildren
  Read Story
22/05/2017
Opposing Labour's plans for intensification zones in Shirley and Forestdale and to build on the Green Belt/Metropolitan Open Land
  Read Story
13/05/2017
Labour’s misleading leaflet on school funding
  Read Story
12/05/2017
Fox hunting
  Read Story

Full list of blog posts here

     
Gavin Barwell, 133 Wickham Road, CR0 8TE, Tel  020 8663 8741      © Gavin Barwell  2017       Promoted by Ian Parker on behalf of Gavin Barwell, both at 36 Brighton Road, Purley, CR8 2LG