If you are a first time buyer looking for your first move in Peterborough, there are many options available. Peterborough is an affordable place to live and is only an hour away from London by train.
Peterborough offers a wide range of activities, including hiking, swimming and golf, but it is also good if you are craving the hustle and bustle of city life. There are a range of schemes available in Peterborough, making it a good place to buy a property. We’re outlining the details on these below.
Government schemes
In Peterborough, there are multiple schemes available, enabling first time buyers to have a smooth and easy journey moving into their homes. This includes a buyer government scheme. This is for first time buyers and involves buying a home for 30% to 50% less than its market value. This scheme is only eligible for first time buyers, helping them make the first step on the property ladder.
Home Stepper Scheme
Other schemes offered in Peterborough for first time buyers are Home Stepper schemes. A Home Stepper is a shared ownership program that partner housebuilders and affordable housing provider Sage Homes created to lower the cost of new construction for first time buyers. It is available for a wider scale of homes, with fewer eligibility standards to be met.
At Agentis, we have close ties with developers in Peterborough, meaning we can help first time buyers get their foot on the ladder.
Lifetime ISA
An Individual Savings Account (Lifetime ISA) can be used to purchase your first property. To open a Lifetime ISA, you must be under 40 but at least 18 years old.
Up to £4,000 can be contributed annually until the age of 50. You must make your first payment into your ISA before you’re 40.
You can use your money to assist in the purchase of your first house if:
- It’s worth no more than £450,000.
- You purchase the home at least a year after funding your Lifetime ISA with your first payment.\
- When you choose a conveyancer or solicitor to handle the transaction, the proceeds from the mortgage will be sent to them directly by the ISA provider.
Shared ownership
A shared ownership property is a cost-effective homeownership programme that makes it simpler for qualified buyers to start investing in property. It involves part renting and part buying a property.
These schemes are a great way to start climbing the property ladder, as they are more affordable and are long term investments. Before purchasing these properties, a minimum deposit is required, which is usually around 10% of the share that is bought. There are thousands of shared ownership homes all across Peterborough, including new builds.
New builds
There are an array of different properties in Peterborough. These include new builds, which are a great option for first time buyers. The perk of these properties is that there is a low chance of repair costs since the property is new compared to a period property.
It is also a great way for first time buyers to put their own personal stamp on their first house, as there is an opportunity to choose your own fittings and decorations, making it more tailored to your specific needs.
Also, the energy bills in a new build are more likely to be lower than an older house, as these properties are built with the latest and more eco-friendly features, helping to reduce the amount of energy used in your home. You can find a range of new builds in Peterborough.
In fact, more homes were built there last spring than in the previous year. Around 230 new houses were constructed in the three months to June, making Peterborough a good place to buy a property. As a growing city, with new developments including the Haddon site, there’s never been a better time to find a home you can call your own.
If you are looking to move to Peterborough for your first property step, feel free to speak to us today to arrange a free initial mortgage broker consultation.