If you are thinking of buying your own home, you will need to make some plans to guide you through the process. You need to consider:
- Your budget
- Size of property needed
- Amenities nearby
If you don't think that you can afford to buy a property on the open market, there are other routes to home ownership that may be more accessible to you.
Help to Buy Schemes
There are several government sponsored schemes in place that may be able to assist you in buying a home.
Each scheme is slightly different and may have different eligibility criteria.
More information on each of the schemes can be found at https://www.helptobuy.gov.uk/
Help to Buy Equity Loan
Help to Buy is a scheme designed to help to you buy a new build home up to the value of £600,000. An equity loan between 10-20% is available to make your purchase more affordable, and you will only need a 5% deposit.
Shared Ownership is sometimes called 'part buy / part rent'. These schemes allow you to buy a percentage share of a property owned by a social housing provider. You then pay a low amount of rent to the social housing provider for the remaining share.
The share you buy may only be small, generally no less than 25 per cent, of the property value. You are then able to buy the remaining shares of the property gradually, in a process known as 'staircasing'. Not all shared ownership schemes are the same, there are variations in how they operate and rules regarding eligibility.
If you are planning to purchase a shared ownership property in Wakefield your first step is to contact the regional Help to Buy agent. They can confirm whether you qualify for any shared ownership schemes in the Wakefield area.
Rent to Buy
Rent to Buy properties are new build homes for rent. The rents are approximately 20% cheaper than similar properties on the open market and it is expected that you will use the discount to help you save for a deposit to purchase a home in the future.
More information on these schemes can be found on the links at the right hand side of the page