Tag Me In Podcast
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Tag Me In Podcast is all about inspiring people and aiding them through life.
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We discuss and have open discussions about our own personal journeys including the highs and the lows.
Listen and hear us share our own experiences and cover a variety of topics, we understand how important it is to share our stories and how powerful it is to hear other peoples stories – There is so much value you can learn from others and you may discover they are or have walked a similar path to yours.
Most Recent Episode
EP30 – Property Paralysis
6 days ago
It has been just under a decade since the infamous house prices crash back in 2008, and yet many millennials are increasingly finding it difficult to get a footing on the property ladder within the UK. This is primarily, but not limited to, the high deposit required to get a mortgage.
In the year to October prices for all buyers rose by 9.9 per cent, with the biggest increase for four years with London values surging by 18.7 per cent to £485,000.
Meaning that for you to get an average priced house in the capital with a 20% deposit you’d need £97,000 for a deposit. This doesn’t include the relevant fees associated with the purchase of a house either.
This essentially marks the biggest rises for new homebuyers in many years, and is currently making that all important dream of homeownership for many is seem more like a dream and even further out of reach in reality.
Help is at hand
But not all hope is lost, as there are various government schemes that can help you buy a home. These include Help to Buy, Right to Buy and Shared Ownership.
Help to Buy
Assuming you only have a small deposit, you could be eligible to use the Help to buy scheme:
Equity Loan scheme:this is available to first-time buyers and existing homeowners who want to buy a ‘new build’ house. The purchase price must be no more than £600,000. Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have at least a 5% deposit. If you live in London, you can borrow up to 40% of the purchase price. The scheme is available until 2021.
Right to Buy
The Right to Buy is for tenants in England, Wales and Northern Ireland who rent their home from their local council.
It allows tenants who qualify, to buy their home at a discount.
The size of the discount varies depending on where you live and the type of property you want to buy.
Tenants who were living in a council home before it transferred to another landlord such as a housing association, might be eligible to buy their home under the ‘Preserved’ Right to Buy or Right to Acquire schemes.
Shared ownership is wher