GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.- It's a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move. These accounts have now closed to new applicants but those who already hold one have until November 2029 to use it.
However, Richard Donnel from Zoopla warns it is not a "mass market solution" and will mainly benefit buyers in the north of England and Scotland where property prices are typically lower. Remember though, only borrowers with the strongest credit history will be eligible for the top rates so what you're offered may be different to those outlined.
Finance expert at Moneyfacts.co.uk Eleanor Williams recommends borrowers seek independent and professional advice when looking for a mortgage.
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