Incentives First Time Buyer Scheme
1st Time Buyer Scheme
If you thought you couldn't afford to buy a place of your own, think again. By combining family finances with assistance from Chelford we really can bring property prices within your reach and turn your dream home into reality.
Everyone welcomes a helping hand when they're buying a new home - especially when it's their first step onto the property ladder. In fact, around half of all first-time buyers today receive some kind of financial assistance from their parents, grand parents, aunties and uncles.
Now Chelford is offering extra help to make buying your first home even more affordable. Whatever your parents put in, we'll match it, up to 5% of the purchase price. That's a Chelford contribution worth up to £7,500 on a £150,000 home. It could be cash towards your deposit or part cash and part used in some other way, for example carpets or kitchen appliances.
Parents can also help in different ways. Typically they (or a close family member) could help you with your deposit, or guarantee your mortgage, or act as a joint loan applicant. This could enable you to borrow more, bringing property prices within your reach. Providing you're paying the mortgage it needn't cost your parents a penny more!
How do I apply?
Speak to your Chelford sales consultant who will talk you through some of the options and introduce you to specialist mortgage advisors. If you qualify and decide to proceed, you will also be asked to use one of a number of independent solicitors recommended by Chelford.
Here's how it works
Parents can:
- Contribute to the deposit - one of the easiest ways to help, either from savings or by unlocking equity in their own property.
- Act as a guarantor - using their financial status to help guarantee the mortgage payments of their children.
- Apply for a joint mortgage - acting as a joint applicant on their child's mortgage, allowing the lender to increase potential lending.
- Offset savings - putting savings into a special account to offset against their child's mortgage, reducing the interest payable.
Chelford can:
- Contribute up to 5% of the purchase price, worth up to £7,500 on a 150,000 home for example, to help with your deposit or buying costs, or help with furnishing your new home.
- Introduce specialist advisors - including mortgage experts who can provide
- Individually-tailored advice and help secure the best mortgage for your own Circumstances.
- Make home buying easier - we can help in so many ways and guide you through every stage of buying.