Everyone who WON’T be able to use Boris Johnson’s new Right to Buy scheme – and other help available


Boris Johnson’s announcement that housing association tenants will be able to join the Right to Buy scheme will be welcome news to millions of aspiring homeowners.

His speech has been seen as a signal to Tory rebels that he is getting the job done. don’t lose faith on Monday night.


What is the help for people who do not live in property owned by a housing association or council?credits: PA

During the speech, the Prime Minister also suggested Mortgage deposits can be reduced Across the board to help more people on the ladder.

But many have been left out of this latest promise of help.

If you’re one of the millions who don’t live in a housing association Property either council Home and still needing help climbing the property ladder, you may find yourself struggling.

However, if you are finding it difficult to save for a new home and you are not eligible for the Right to Buy scheme, there is help out there.

Here are some plans to help you climb the property ladder:

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private plans

Go away House prices This means saving the huge down payment preferred by mortgage Lenders have a tough job.

and the Help to Buy scheme, established by Chancellor George Osborne in 2013, is Set to close next March.

But there are options.

Generation Homes, founded in 2019, is a lender that offers a “deposit booster” option, where any number of friends or family can put money towards the borrower’s savings.

Co-founder Sophia Guy-White described the arrangement as “DIY help for buying”, but unlike the government scheme, borrowers are not limited to new-builders and may already own Property,

Mortgage lenders usually want a deposit from the family to be officially declared as a gift.

But Generation Home instead provides a binding agreement that allows the parties to make gifts, provide interest-free loans, or make equity loans.

Propertunity and Ahuja are the other two lenders offering equity Loan For borrowers with deposits of at least 5%.

Loan Not limited to first time buyers.

Both providers will lend up to 25% of the property value up to £150,000, but one thing to note is that they both charge a fee interest On loans that need to be repaid monthly.

Lenders can use the loan for new-construction or previously owned homes.

shared ownership

Buying a home through shared ownership is really useful if you can’t afford all the deposits and mortgage Pay on a house.

You buy a share between 10% and 75% of the home’s full market value, then pay the landlord rent for the share they own.

You will usually also have to pay monthly land rent and service charges, for example for the maintenance of communal areas such as Garden,

Shared ownership a. A great way to get a stake in PropertyBut there are some drawbacks.

One is that for most shared ownership Property You cannot sub-let your house.

Another is that you may need to seek permission from your housing provider if you want to make any structural changes to your home.

You too may have to struggle when it comes to selling your home.

For example, if you don’t own 100% of your home and want to sell, the housing association or local authority has the right to buy it through a “first refusal” process. They also have the right to find buyers for your home.

If your housing provider cannot find a buyer, you are free to market your share of the property or use a property agent.

But, you need to find a buyer who meets the eligibility criteria of housing providers for shared ownership.

And as not all banks offer shared ownership-friendly mortgages, you may find that your pool of potential buyers is reduced.

mortgage guarantee plan

The mortgage guarantee scheme was launched by the government last April in response to the coronavirus pandemic.

The scheme offers lenders an option to buy guarantees on mortgages where a borrower has only 5% of the deposit.

A guarantee is an agreement that guarantees that a loan will be repaid by another party to the lender if the borrower cannot pay the loan.

The scheme is running till December 31 this year as it was seen as a temporary measure to ease the high loan-to-value credit crunch due to the Covid-19 pandemic.

The scheme should help a lot of first time buyers who may be able to afford mortgage Pay, but not enough Pennies Saved up for a big deposit.

However, it can also work for homeowners who want to re-mortgage.

There have been cases where home owners want to re-mortgage and this does not mean that there are fewer properties in the market for first time buyers.

help buy

Established in 2013, the scheme offers first-time buyers an equity loan towards the cost of buying a new home.

But you only have time till 6 pm on 31st October to make any application under the scheme, which will close on next 31st March.

If you want to join this scheme then you have to fulfill certain criteria.

You must be above 18 years of age, must be a first time buyer and must be able to afford the fee and interest payments made for availing the loan.

If you have ever owned a home or residential land in the UK or abroad or had some form of Sharia mortgage finance, you may not even get an equity loan.

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You can apply by yourself or with others and all applicants must fulfill the eligibility criteria.

For more information, visit government website,

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