"First-time buyers need to understand the ins and outs of each scheme first before deciding which would work best for them."
- Steve Mariner, sales and marketing director at Barratt Homes
A Labour Party victory will see the introduction of the Freedom to Buy scheme to replace the Mortgage Guarantee Scheme.
However, a new study from Barratt Homes reveals that 88% of first-time buyers are unaware of the current scheme, which means many may not benefit from its predecessor under the new government.
Closely following the Mortgage Guarantee Scheme, 87% of first-time buyers expressed unfamiliarity with guarantor mortgages, 63% are unaware of the First Homes scheme, 58% of shared ownership, and 51% haven't heard of the Lifetime ISA.
This is despite Lifetime ISAs consistently generating the highest monthly search volume (74,000 monthly searches) among the existing affordable home ownership schemes.
Steve Mariner, sales and marketing director at Barratt Homes, said: "Affordable home ownership schemes are great for helping first-time buyers get onto the property ladder, and having a variety of schemes available means that they can choose the best fit for them, depending on their circumstances.
“However, first-time buyers need to understand the ins and outs of each scheme first before deciding which would work best for them. This is why speaking to mortgage experts for guidance is always recommended.”
