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I am one of many who are yet to take the first step on to the property ladder. This has not been out of choice but the deposit I would require to purchase a property that meets my needs will require a significant amount of saving.
The government has introduced various schemes to try and encourage and assist first time buyers. Many firms have now had the experience of the Help to Buy Equity loans. Once you have manoeuvred your way through the paperwork on your first file the second is much more manageable. However, the significant amount of extra work required can increase fees to account for the time needed to complete all of the extra requirements. Lawyers may now have also dealt with purchases through the Help to Buy ISA scheme. The government continue to promote purchases by first time buyers but is this a realistic achievable aim?
Help to Buy ISA’s allow you to save up to £200 per month towards the deposit of a first home. The property must be a new build and individuals will be assessed on their eligibility for the scheme. The individual will then receive a 25% bonus from the Government with the maximum bonus being £3000 and the minimum of £400 per person.
Will these schemes help?
The Times have reported that in 2003/2004 64% of under 45s were on the property ladder. However, in 2015 only 45% of under 45s were home owners. We are really yet to see or understand the fallout from Brexit and what affect this will have for first time buyers. One can wish that the future is bright for first time buyers but with the best will in the world (and government schemes) it looks like many of us will continue to pay our landlords mortgages instead of our own.
Bernitta Shrapnell – Trainee Solicitor
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