Help to Buy: Equity Loan
Most new private housing developments in Wirral work with the 'Help to Buy: Equity Loan scheme'. Look out for the 'Help to Buy' logo on housing developer's websites.
Help to Buy: Shared Ownership
If you cannot quite afford the mortgage on 100% of a home, 'Help to Buy: Shared Ownership' offers you the chance to buy a share of your home (between 25% and 75% of the home’s value).
The government has recently announced the minimum share a prospective buyer can secure will drop from 25% to 10% (timetabled to take place in April 2021). You then pay rent on the remaining share. Later, you could buy bigger shares when you can afford to.
You could buy a home through 'Help to Buy: Shared Ownership' in England if your household earns £80,000 a year or less (or £90,000 a year or less in London) and you are a first-time buyer, you used to own a home but cannot afford to buy one now or are an existing shared owner looking to move.
- Stanley Gardens, Bromborough – Auxesia Homes (Auxesia’s Primary client group are former and current Armed Forces, NHS and Emergency Service Personnel)
- Hawthorne Grange, Eastham – Magenta Living (all allocated)
- The Willows, Fishers Lane, Pensby – One Vision Housing
- Willow Sands, West Kirby - Magenta Living (all allocated)
- Glenavon Park, Prenton - Onward Living
- Lyndale Avenue, Eastham - Torus (available Autumn 2021)
- Arrowe Brook Road, Greasby - Torus (available Autumn 2022)
Rent to Buy
'Rent to Buy' is a government scheme to help with the transition from renting to owning by providing a subsidised rent.
You rent a new build home at approximately 20% below the market rate with an option agreement to buy a share of the home within 5 to 7 years depending on the scheme.
The intention is that while paying 20% less in rent, you may be able to build up a deposit. You are under no obligation to buy the property when the rental term is up.
You may be required to pay a minimum percentage share of the value of the property when the rental term is complete.
- Church View, Duke Street, Birkenhead – One Vision Housing (available Spring 2021)