The government in the UK have introduced several schemes that are designed to encourage home buyers to consider purchasing a new-build house.
Solicitors in Porthmadog are able to advise their clients looking to buy a property that initiatives such as Own New – Rate Reducer are available.
This scheme includes an incentive for people to consider buying a brand new house by offering them lower mortgage rates. Many of the well-known mortgage lenders are offering this initiative though the details could vary from bank to bank and also on other matters such as the location of the house and the overall budget of the buyers.
Another programme is Shared Ownership. This is often adopted by first-time buyers who may be overwhelmed and outpriced by the local property markets. Generally, the buyer owns a proportion of the house, and the owner of the rest can be the developer or builder. A proportion of the mortgage is paid based on the level of ownership, but this can be increased as and when the buyer can afford it.
Conveyancing solicitors in North Wales can also inform house buyers of other options such as Deposit Unlock, which is designed to allow a buyer to purchase with a much smaller deposit, and First Homes, which is more targeted at key workers hoping to purchase a home.
Look to us here at Bennett Smith Solicitors for information and expertise on all matters of conveyancing; contact us today to learn more.
