First-time Buyer? – Property terminology explained

Buying that first home is one of the most exciting times in a person’s life. Obtaining a mortgage can be far from easy but mixed with the accompanying technical jargon it can rapidly feel like an upward struggle for the first-time buyer.

Property terms and what do they actually mean?

‘Help to Buy equity loan’ – this is where the government lends up to 20% of the cost of a new home, interest free for the first five years, so only a 5% deposit is needed and a mortgage of 75% to make up the rest.

‘Lifetime ISA’ and ‘Help-to-Buy ISA’. These ISAs permit first time buyers to obtain a 25% government bonus on savings for a first home.

”Shared ownership’. This is where first-time buyers own a share of a property and pay rent at a reduced rate on the remaining share.

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