Perthshire Property experts Next Home discuss the positive market ahead and highlights from the Budget.
Getting onto the property Ladder could not be easier than right now.
With the Budget announced on Wednesday there are to be some incredibly positive news for the property market. Allowing for smaller deposits and potentially less to pay on LBTT.
Rishi Sunak’s plans for the economy continued to be leaked out gently ahead of Yesterday’s confirmation, the latest being a plan to help buyers with small mortgage deposits get on the property ladder.
Due to start on April the 1st, the scheme will help the tens of thousands of young buyers who were excluded from the market by the disappearance of 95% LTV mortgages at the start of the pandemic as lenders looked to reduce their exposure.
Government officials say the scheme, which will require first time buyers to scrape together a 5% deposit, will be similar in some ways to previous the previous Help to Buy mortgage scheme and is designed to be its successor.
It will run alongside the existing Help To Buy equity loan scheme which, although also similar, is only for new build homes. It is due to end in 2023. The government is to become guarantor for part of the loans which will be for properties up to £600,000.
So if you need advice give our dedicated Mortgage Team a call on 01738 45 90 69 and they will be delighted to guide you.
So does the future look bright for home buyers?
These continued announcements show the governments direct intent to further support our country’s desire for Home ownership. Support levels have been incredible over the last few years, and long may it continue.
The schemes we have available combined with low interest rates have never made home ownership more affordable. Our Property and Mortgage experts around Perthshire regularly see the number of first-time buyers increasing, and we are delighted to help them find their first home.
John Greener quotes
If anyone in this market needs advice please get in touch, there are a lot of confusing messages regarding moving and the rules during the pandemic, but we are here to help. All we are trying to accomplish right now its to give homeowners the very best advice, whether buying or selling its all so important to get it right!