First time buyers helped by incentives

22 March 2011

As the mortgage market continues its period of restricted lending first time buyers are looking towards alternative methods to help them find their first home. This type of home mover is increasingly looking towards properties with incentives to help them get on the first rung of the property ladder.

The average age of a first time buyer is now 38, and they require an average deposit of £33,883 to be able to buy a home - a big ask for even the most stringent saver. This is where property incentives come in, as shared equity schemes and 95% mortgages help people to buy their homes.

Property incentives include:

  • 95% mortgages
  • 5% deposits paid
  • Shared equity schemes
  • Legal fees paid

This group of first time home buyers are also not required to pay the stamp duty tax, another welcome financial bonus. When this is combined with the numerous incentives available in the market, there is ample opportunity for first time buyers to find and purchase their dream property.

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