anything come close to replacing Help-to-Buy?
Help-to-Buy was a huge help for first-time buyers who
dreamed of home ownership, but didn’t have the funds to do it straight away. So
it feels natural to wonder, what support tools are left for first-time buyers
At the moment, the Lifetime ISA presents itself as a sort-of
replacement for the Help to Buy ISA. Get a Lifetime ISA and you can take
advantage of a 25% bonus on your savings every time you pay in. Best of all,
you can deposit more each year, and over a longer period of time!
But first-time buyers may soon have even more avenues to get
on the housing ladder. The government is also planning a new scheme called
‘First Homes’, where certain properties will be sold for between 30 and 50%
below market value.
However, the best alternative may already be hiding in plain
sight - Shared Ownership can turn the difficulty of saving up a deposit into
yesterday’s news. Giving you the option to buy a share of your home while you
pay rent on the part of the home that the government owns, this is a hugely popular
option for first-time buyers looking to buy a home without losing all your
savings in one go.