Government house purchase schemes - Top 10 Tips

Government house purchase schemes - Top 10 Tips

  1. Do your own research first, then look for a property second (houses sell quickly sometimes, it’s best to be prepared rather than disappointed)
  2. Research the scheme you’re thinking about in full, be open to alternatives as you come across them in that research
  3. Work out your figures carefully – write them down, don’t rely on mental maths
  4. Check that the scheme you’re interested in is still open and that you do qualify
  5. Read the small print carefully. If there’s something you don’t understand in full, ask for a clearer explanation.
  6. Budget wisely for the purchase – add on a generous amount to your calculations, to account for solicitors’ fees, survey fees, arrangement fees and stamp duty
  7. Remember, as you’re buying a first home, you’ll also need to think about insurance; maintenance; extra bills (TV licence); furnishings.
  8. When you’re talking to banks / building societies, ask if they have other deals or products available – some may be preferable to a government scheme
  9. Make sure you’re comfortable with any limits or restrictions on selling the property, and that you understand how loan repayments work
  10. Speak to a mortgage adviser – book an appointment that will be long enough to understand the ins and outs of each scheme
 
Finally, remember: some banks and building societies are offering products that don’t involve 10% deposits. Talk to them. They’ll be happy to offer you a short, no-obligation meeting to explain what’s currently available. (And it’s sometimes worth paying a little extra for financial advice that can help you restructure your savings and finances, so that you can afford a slightly larger deposit from the outset.)

 

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