Get a share of the property market without being loaded
Liverpool’s property market is seeing an upward spiral. With big investments soon to come in, it’s just a matter of time before sellers can reap the rewards of a solid sale. It’s about time too. This north-west city has been regularly looked over in favour of others. Political instability and strikes only sought to give it a reputation as a place that’s not investment-friendly. Fortunately, the tide turned in 2004 under new leadership, and regeneration plans began to see fruition.
If house buying in Liverpool has been on your list for long, but a lack of money has been stopping you from going house-hunting, it could be time to rethink your strategy. There’s a good chance of being able to cash in on the growing demand for property here. Getting in on the action from the beginning will give you a firmer foothold. True, having spare money helps when you’re looking to buy property, but there are other ways to go about it.
The Help to Buy: Equity Loan scheme initiated by the government lends up to 20 percent the cost of a new house. Since many mortgage companies require deposits of 10-25 percent, this helps lighten the load off your back a little. You’re left with pulling together the remaining 5 percent deposit as well as the 75 percent mortgage. The Equity Loan scheme carries no fees for the initial five years of the mortgage. This gives you some breathing space to work out how to pay back the loan.
You don’t need to buy a house alone. If there are other parties interested in buying a house with you, such as friends and family, you can approach lenders for a loan. Depending on the lender’s policies, there may be a limit on how many people can be involved in the purchase as well as whose incomes will be taken into account when deciding the loan amount. If you do go down this route, seeking legal help to draft an agreement on ownership rights will do away with possible misunderstandings in the future.
A third option is to avail of local authority mortgage schemes. In Liverpool, the scheme is provided by the Lloyds Banking Group. Here, buyers have their deposits topped up by 20 percent so that Lloyds can offer 95 percent mortgages without buyers having to fork up a 25 percent deposit.
A fourth option is to avail the Starter Homes Scheme under which new-build homes will be up for sale by 2018. First-time buyers between the ages of 23 and 40 can get a 20 percent discount off the sale price up to the value of 250,000 GBP.
A fifth option is one that benefits first-time home buyers, shared owners looking to relocate, and people who have owned homes but can’t afford to purchase one right now. It involves another government scheme, the Help to Buy: Shared Ownership. Under it, buyers can purchase 25-75 percent of a property’s value and pay the remaining as rent. You can also purchase a larger share later when you can afford to. The scheme requires that the property to be purchased should be a new-build or it should be made available through a resale programme of a housing association. The share you need to pay must come from a mortgage or your savings.
Folks in Liverpool looking to sell house fast can approach us with a buy my house request. We’ll find the right buyer for you so that you get a price that’s in line with your expectations. With us as a guide, you won’t have trouble buying or selling property in Liverpool.