Help to Buy can work for you
The government has created the Help to Buy schemes including Help to Buy: Shared Ownership and Help to Buy: Equity Loan to help people to take steps to buy their own home.
How does it work?
With a Help to Buy: Equity Loan the government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% loan to make up the rest.
Below is an examples of the scheme:
You will need at least 5% of the purchase price of your new build flat or house as a deposit.
The Government lends you 20% of the purchase price depending on whether the property purchase falls in a London Borough or outside.
You would then borrow the rest (up to 75%) from a mortgage lender, on a repayment basis.
Who is Eligible?
Equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag up to £600,000.
You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with a Help to Buy: Equity Loan.
For more information about Help to Buy and how Lex Allan Grove - Land & New Homes, in partnership with Infinity Financial Advice can help you, please do not hestitate to call us on 01384 442446