Advice for first time buyers in Nottingham

When looking to buy your very first home don’t feel alone their is financial government help out their, Our advice for first time buyers in Nottingham will help anyone planning to get their foot on to the property ladder

Getting on to the property ladder can be very exciting and very nerve-racking at the same time, which is clearly understandable considering the bills and monthly repayments to be paid. Reading our advice for first time buyers in Nottingham will help you to make an informed decision.

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The Government help to buy scheme covers advice for first time buyers in Nottingham and people and families moving into a new build property that is only bought from a help to buy building firm.When using this type of scheme you will not be able to sub-let the property at all.

For first time buyers in Nottingham you will be able to choose a new property for you or your family in a price range of up to £600,000.

First time buyers in Nottingham will need to make a deposit on the property of up to 5%.

The Government will provide you with a loan on your property of up to 20% of the actual price.

Now you will need to speak with your bank to arrange a mortgage for the 75%.

In the 5 years of moving into the property you will not be charge for any loan fees at all.

In the 6th year of living in your new home you will have to make extra payment of 1.75% on the value of your loan.

After this by the 7th year you will have to make further payments as the fees will rise yearly.

To check how your fees rise an increase every year you will have to check the Retail Prices Index.

For first time buyers in Nottingham you will be able to sell your home at any time you feel, the equity will need to be paid once your house is sold, or at the end of your mortgage When first time buyers in Nottingham use this type of scheme you will need to buy your new build property from a registered help to buy building company. Your local estate agents will have a list of help to buy new build properties plus advice for  first time buyers in Nottingham and Nottinghamshire areas.

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The Government has launched 4 different types of schemes to help you to gain your foot on to the property ladder these include:

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Help to Buy Equity Loans

Shared Ownership

New Buy

Help to Buy Mortgage Guarantees

 

All of these schemes are available for first time buyers in Nottingham and the entire length of the UK.

If you need advice for first time buyers in NottinghamContact Us

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