Following the Government’s recognition that getting on the property ladder is becoming increasingly difficult and that not everyone can purchase their first home outright, they have helped set up numerous Housing Associations.
These schemes allow people to part buy and part rent their property, which allows people to get onto the property ladder without having to fund the full value of the house to start with. Because you are only buying part of the property you pay rent for the part you do not own. The rent is usually charged at a very competitive rate and the Housing Association often allows applicants to buy the remainder of the property in stages as they become able to do so.
The process of buying additional elements of your home is often referred to as ‘staircasing’ and can be arranged either through a further advance or remortgage.
To speak to an Independent Mortgage Adviser free of charge and without obligation please contact us or telephone on 01376 529800.
Calculate your mortgage payments with the free FSA mortgage calculator.
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