Shropshire Homes have introduced a mortgage subsidy scheme to support those looking to step onto the property ladder or move home. In short, a mortgage subsidy reduces your monthly mortgage costs, which makes it more affordable.
Purchasing a home is a significant milestone for many individuals and families, but the financial burden can sometimes be overwhelming. To alleviate your worries and make homeownership more accessible, Shropshire Homes have implemented mortgage subsidies.
WHAT IS A MORTGAGE SUBSIDY?
A mortgage subsidy is an initiative designed to provide financial support to individuals or families seeking to buy a home. The mortgage subsidy reduces the upfront costs of buying a home or decreases the monthly mortgage payments, making it more affordable.
Types of Mortgage Subsidies:
- Gifted deposits: Shropshire Homes will gift you part of your deposit, contributing towards your new home
- Monthly mortgage costs: Shropshire Homes will gift you X amount which will be used to pay towards your monthly mortgage costs for up to 2 years; thus, improving your affordability, and, in some cases, get a better interest rate!
Example:
If Shropshire Homes gift you £10,000 towards your mortgage, this would subsidise your mortgage by £416.66 per month for 2 years.
BENEFITS OF MORTGAGE SUBSIDIES:
- Increased Affordability: Mortgage subsidies make homeownership more attainable by reducing upfront costs or lowering monthly mortgage payments, enabling individuals and families to purchase homes that would otherwise be financially challenging.
- Financial Stability: With reduced mortgage payments, homeowners can allocate their financial resources to other essential needs such as education, healthcare, or savings, promoting overall financial stability and security.
- Stimulating the Housing Market: Mortgage subsidies can drive demand in the housing market, benefitting both homebuyers and the overall economy.
WANT TO FIND OUT MORE? Speak to our Sales Executives on your desired development today: www.shropshire-homes.com/developments
*T&Cs apply. Available on selected plots and developments only.