Are you unable to get onto the property ladder? You may want to consider a HomeBuy or First Time Buyer initiative (FTBi) scheme.

HomeBuy, a government-led initiative may be an alternative solution to kick-start your climb onto the property ladder...

Bliss Finance can assess your affordability, advice and arrange a mortgage for the following schemes;

• New Build HomeBuy
• HomeBuy Direct
• Social HomeBuy
• First Time Buyer initiative (FTBi)

(New Build HomeBuy)

New Build HomeBuy, this scheme allows you - if eligible, the opportunity to buy a share in a newly built property on a part buy, part rent basis.

For example, you can initially buy between 25%-75% of the property from a Housing Association, whilst you pay a below market rent on the remaining part. Later, when you can afford it, you can increase your share until you have full ownership of the property. You also have the option of selling your share of the property.

Experienced in HomeBuy mortgage, our specialist consultants can offer invaluable advice, as affordability guidelines have to be followed.

Speak to one of our consultants today and benefit from;

• Market leading rates for New Build HomeBuy
• Knowing how much percentage of the property you can afford to buy
• The possibility of a no-deposit mortgage – we have access to lenders that allow you to borrow 100% of your share

All key workers, existing social housing tenants and those in priority housing need are eligible.

(Social HomeBuy)

You may be a tenant of your local council or Housing Association, or perhaps you may even like the home that you’re currently renting...If so, buying your existing home may be an alternative way for you to get on the property ladder.

Social Homebuy allows you to buy your home on a part-buy, part-rent basis. In return, you will benefit from a one-off discount from the purchase price of the property.

The key points to remember are;

• You must buy at least 25% share of the property, and later increase the share of the property when you can afford to
• You will receive a one-off discount of the property price. This is based on the first share, therefore we recommend buying the maximum percentage of shares you can afford. If you sell your property within 5 years, you will need to repay all or some of the discount
• This scheme is not statutory, and not all landlords will offer this type of support. Eligibility criteria are set on a local level by the landlord.

(First Time Buyer Initiative)

The FTBi scheme will allow first time buyers to get onto the property ladder with government assistance on a designated FTBi development.

Administered by a HomeBuy Agent, this scheme is similar to other affordable housing, through which it enables eligible first-time buyers to buy a share in a property.

Key points are;

• You will need to raise a mortgage for a minimum 50% of the property price
• You do not pay a charge or interest for the first 3 years. In year 4, a small charge is introduced on the government’s equity share. This charge gradually increases over the next few years.
• The remaining share (the unsold share) will be held by the government, through a HomeBuy Agent. The equity share is repaid on the sale of the property.

To find out more, call to speak to a consultant and you can benefit from;

• FREE independent tailor-made mortgage advice
• In principle mortgage promise
• Guidance on affordable home criteria

Call us now on 0208 331 0723 or submit a mortgage quote

You can get on the property ladder with expert advice from Bliss;

• FREE independent tailor-made mortgage advice
• In principle mortgage promise
• Guidance on affordable home criteria

Contact us now on 0208 331 0723 to find out more...