There are various “Help to Buy” schemes available to those wishing to buy a property in England. These are government backed schemes that are administered via local Help to Buy agents. You can download a Government fact sheet on Help to Buy by clicking here: Help_to_Buy_Guide
In London there is a specific scheme to reflect the much higher house prices. This is just on new build properties and is the equity loan version of the help to buy scheme. The equity loan from the government can be up to 40% of the property value (maximum property value £600,000) rather than the 20% it is outside of Greater London.
During the first five years of ownership you do not have to repay your London Help to Buy Equity Loan. After five years interest will be charged at 1.75%, rising annually by the increase (if any) in the Retail Price Index (RPI), plus 1% You will need to find a 5% deposit and the remaining 55% of the value can be funded by a London Help to Buy Mortgage. Remember this is for new build homes only.
To discuss your eligibility and what mortgages are available to you under the London Help to Buy schemes then please call Richard on 020 3355 4841 or contact us here.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
FOR MORTGAGES WE ARE PAID BY A COMBINATION OF COMMISSION AND FEES, OUR TYPICAL FEE IS £395.