10 Minute ReadIntroduction
Looking for a way to become a homeowner without breaking the bank? Look no further than the Save to Buy Scheme by Fairview Homes.ย
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This program offers an affordable pathway to homeownership, and weโre here to share all the details with you. So, letโs dive in and learn all about the eligibility criteria, mechanics, and benefits of the Save to Buy Scheme. Whether youโre a first-time buyer or just looking to save a little cash, this program is worth considering
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What is Save to Buy Scheme?
Are you tired of skyrocketing housing prices? Everyone dreams of owning their own home, but the high cost of living has made it almost impossible. Fear not, as Fairview Homes bring you the Save to Buy Scheme that makes your dream of owning a home a reality.ย
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What is Save to Buy Scheme, you ask? It is a government-assisted scheme that helps first-time buyers purchase their home with as little as a 5% deposit, a 20% equity loan, and a 75% mortgage. Simply put, you only need to pay 5% of the deposit, and the government will cover the remaining 20%. The eligibility Criteria for Save to Buy Scheme are pretty simple.
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You should be a first-time home buyer with an annual income of a maximum ยฃ80,000. Sounds easy, right? Thatโs not all. You can purchase any newly built home worth up to ยฃ600,000 from Fairview Homes.
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So, if you qualify for this Scheme, you are already one step closer to owning your own home. But how does Save to Buy Scheme work? For the first five years, you pay no loan fees on the 20% equity loan. From year 6, a fee of 1.75% will be charged on the loan, which will increase yearly by the Retail Price Index plus 1%.ย
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But donโt worry; you can pay off your loan completely or in part at any time with just a 20% minimum fee. Itโs that simple. Stay tuned to learn about the benefits of Save to Buy Scheme and how it stands up against other schemes.ย
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But for now, know that with Save to Buy, your dream of owning a home is closer than you think.
Benefits of Save to Buy Scheme
Ah, affordable homeownership! The elusive dream that haunts us all. Thankfully, the Save to Buy Scheme by Fairview Homes is here to make that dream a reality for all eligible homebuyers. Letโs talk about some of the benefits of this fantastic Scheme.ย
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First off, affordability. With the Save to Buy Scheme, you wonโt have to sell your soul to the devil for a down payment. You can contribute as little as 5% of the property value, and Fairview Homes will loan you up to 20% of the propertyโs value interest-free for the first five years. Thatโs right, interest-free. No hidden costs or horrible surprises!
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On top of that, you also have the option to staircase. No, not physical stairs (although that would be cool). Staircasing refers to buying more shares in your home, allowing you to own more of the property over time.ย
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With the Save to Buy Scheme, you can staircase as often (or as little) as you want, eventually making it easier to own your home outright. And letโs remember the apparent benefit- homeownership! With the Save to Buy Scheme, youโre not just renting but building equity in your property, just like a โreal homeowner.โย
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Overall, the benefits of the Save to Buy Scheme are crystal clear. Affordability, transparency, and the opportunity for eventual full ownership. Who wouldnโt want that?
Comparison of Save to Buy Scheme with Other Schemes
When it comes to buying a home, many different schemes are available to help make things more affordable. Two of the most common are the Help to Buy and Shared Ownership schemes.ย
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The Help to Buy Scheme provides a loan of up to 20% of the propertyโs value, which can be used towards the deposit. A mortgage can cover the remaining 80%. The loan is interest-free for the first five years and can be repaid at any point or when the property is sold.
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On the other hand, Shared Ownership allows you to buy a share of your home (usually between 25% and 75%) and pay rent on the remaining share. You can purchase additional shares as and when you can afford to, commonly known as staircasing. While these schemes can be helpful, they may only be suitable for some.ย
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Help to Buy, for example, is limited to new-build properties, while Shared Ownership can have limitations on properties available in certain areas.ย
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Thatโs where the Save to Buy Scheme by Fairview Homes comes in. It offers similar benefits to these schemes, including affordability and staircasing options, but with fewer property restrictions.ย
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Plus, with Save to Buy, there are no hidden costs. Youโll know exactly what youโre paying upfront without surprises or unexpected fees. So if you want more flexibility than other schemes offer, consider the Save to Buy Scheme if youโre looking to get a foot on the property ladder. It could be what you need to realize your dream of owning a home.
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Success Stories of Save to Buy Scheme
Success Stories of Save to Buy Scheme The Save to Buy Scheme has helped many people achieve their dream of owning a home. One such success story is of Jane, a single mother working two jobs who never thought she could afford a home.ย
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She applied for the Save to Buy Scheme and was amazed by the affordability of the deposit and the mortgage payments. Jane is now a proud owner of a two-bedroom apartment and feels financially secure.ย
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Another individual, David, struggled to get on the property ladder due to high deposit requirements. However, with the Save to Buy Scheme, he only had to save 5% of the property value as a deposit.ย
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David could finally buy his dream home and enjoy a comfortable lifestyle with his family. The Save to Buy Scheme has proven to be a game-changer for many people looking for affordable home ownership.
How to Apply for Save to Buy Scheme?
Are you interested in applying for the Save to Buy Scheme by Fairview Homes? Hereโs a step-by-step guide to get you started!ย
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First, youโll need to check if you meet the eligibility criteria. If you do, then get in touch with the Fairview sales team to express your interest.ย
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Theyโll guide you through the application process and help you select the right home. From there, itโs a matter of completing the necessary paperwork, securing your mortgage, and moving in! Itโs that simple! Now, get started on your journey to affordable home ownership!
Conclusion
The Save to Buy scheme presents an intriguing option for those looking to purchase their first homes.ย
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By offering an attractive way to save money, this developer-backed initiative aims to make it easier for prospective homeowners in the UK to accumulate funds quickly, realizing their dream of owning a home and stepping onto the property ladder at an earlier stage.ย
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As the scheme unfolds, it will be interesting to observe the extent to which individuals take advantage of this opportunity and how effectively it operates in practice.
