Owning your home may seem like an impossible dream! Thanks to the help to buy schemes available from the government, you may be one step closer to making your home-owning dreams a reality.
If you’re a first time buyer you can take advantage of the Help to Buy Equity Loan on brand new properties:
• You will need a deposit of at least 5%
Owning your home may seem like an impossible dream! Thanks to the help to buy schemes available from the government, you may be one step closer to making your home-owning dreams a reality.
If you’re a first time buyer you can take advantage of the Help to Buy Equity Loan on brand new properties:
• You will need a deposit of at least 5%
• The government will lend you up to 20% (40% if you’re in London) of the cost of your newly built home.
• You must then arrange a mortgage of 25% or more to make up the rest.
• You won’t be charged interest on the 20% loan for the first five years of owning your home.
• Help to Buy equity loans are available to first time buyers as well as homeowners looking to move.
• The home you want to buy must be a new build.
To be eligible, you must not:
• Sublet this home
• Enter into a part exchange deal on your old home.
• Own any other property at the time you buy your new home with Help to Buy scheme.
The Help to Buy works by giving borrowers up to a 40% loan on a New build Property (outside London it is 20%) in 32 London Boroughs.
• 5% deposit
• Up to a maximum of 4.5 times your income and 50% of any bonuses can be taken into consideration
• You should be less than 75 years old
• You should be a First Time Buyer or a Home Owner looking to move
If the total value of the property is £500,000 you will need a £25,000 deposit (5% of total value). 40% of the loan (£200,000) will be provided by Help to Buy and the remainder (£275,000) will be your mortgage.
Get in touch with us today, or visit our branch.
