With a cost-of-Living crisis, high mortgage rate, as well as super high rents, a growing number of Londoners can’t afford to buy a home. But Nick Millican, a British real estate expert, has pointed out there is a new opportunity for Londoners to purchase a home.
It’s a scheme that enables first-time buyers to pay a 1% deposit on a home they want to buy, real estate agent Nick Millican explains. He said that Fairview New Homes has allowed first-time buyers in Epping Gate and in their development in Woolrich to build up their house buying deposit using their monthly rental payments.
A Save To Buy Scheme
Nick Millican explained the Save To Buy Scheme enables first-time buyers to pay a rent reflecting personal affordability and average rents in the area in which they want to buy. Their entire rent goes towards their 1% down payment on the property they want to purchase. Once the money the first-time buyers have paid is 5% of the homes’ asking price in rent, they can complete the purchase. To qualify for the program, People must:
- Have had a full-time job for 3 months
- Be over age 18
- Have a third-party advisor qualify them for a loan
- Nick Millican adds: saved a 1% deposit
- Be a first-time buyer.
Thousands Of Enquiries
Over 17,000 enquiries have been sent to Fairview and Zoopla since they launched the scheme. First-time buyers love the scheme because it enables them to purchase a home sooner than they thought possible. Nick Millican says that it’s great for families.