Help for first time buyers - Blaby District Council

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Help for first time buyers

Help to Buy

Whatever your situation there is an option for you to buy or rent a home that is affordable to you.

Currently Help to Buy Midlands is an organisation that provides help to people in and around the Blaby District. Find out more information on their website: www.helptobuymidlands.co.uk

The options available include:

Equity Loan: This is a loan of between 10 percent - 20 percent of the value of your new home which the Government will give you to help you buy a newly built house. There is no interest to pay on this loan for the first five years. This loan has to be paid back when you sell the property or at the end of 25 years, whichever is sooner. This option is available if you are a first time buyer or if you already own a house but need a little help buying another property. This loan is on top of your mortgage so you need to decide if you can afford the repayments as well as raise the money for a deposit.

Shared Ownership: This is an option if you want to get your foot on the property ladder but cannot afford to buy on the open market. You will have a share in the property for which you may have a mortgage for and the other half is owned by a Housing Association who charge you rent. They can own from between 25 percent - 75 percent depending on how much you can afford to buy. The bigger the share you buy the less rent you have to pay. This is an option if you cannot get a mortgage to cover the cost of the whole house. But you must budget paying for the rent as well as the mortgage.

You can look for shared ownership properties on search websites such as: www.rightmove.co.uk and www.zoopla.co.uk

You can contact Help to Buy directly at: www.helptobuymidlands.co.uk

Or these Housing Associations offer Shared Ownership properties around Derbyshire, Leicestershire and Warwickshire:

Dales Housing

www.daleshousing.co.uk

01629 761547

Derwent Living

www.derwentliving.com

01332 614829

Futures HomeScape

www.futurehg.co.uk

01773 573100

Asra Housing Group

www.asra.org.uk

0116 257 6709

Warwickshire Rural HA

www.warwickshireha.org.uk

01530 278080

Forces Help to Buy Scheme – If you are Regular Service Personnel the government has set up a scheme to help you with the cost of buying a home. Information can be found here: http://www.gov.uk/government/news/forces-help-to-buy-gets-5000-service-people-on-the-property-ladder

Contact

Housing Options
Blaby District Council
Council Offices
Desford Road
Narborough
Leicester
LE19 2EP

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Telephone:
0116 272 7770
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Out of hours:
0870 238 5057
Homelessness emergency number
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0116 275 0368
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0116 284 9786
Last updated: 06 December 2017

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