THE LATEST NEWS ON NEW BUILD PROPERTY IN SUSSEX, SURREY & HAMPSHIRE

Help to Buy Scheme: only 5% deposit needed

2 March 2017

The government and developers are keen to help you move to a new home, with offers and incentives designed to help you save money, time, inconvenience and stress.

Help to Buy is a government-backed scheme which could help you get on or up the property ladder with just a 5% deposit. It's the ideal solution if you are struggling to save.

Here’s how the Help to Buy Scheme works…

1.  The Equity Loan Scheme results in more affordable home ownership

2.  With the Equity Loan Scheme you only need a 5% deposit and it's open to both first-time buyers and home movers alike.

3.  With the Equity Loan Scheme the government provides you with a loan of up to 20% through the Homes and Communities Agency (HCA). This is interest free for the first five years. When added to your 5% deposit (giving you a deposit of 25% in total) it means you could access more attractive mortgage rates for cheaper monthly repayments. You can repay the equity loan at any time without penalty.

4.  Equity Loan Scheme can be used to purchase any new-build home worth up to £600,000 but it can't be used to purchase a buy-to-let property.

Please note: the terms of the Help to Buy initiative vary between England, Wales and Scotland. Even London has its own version. So please research the scheme in the area most relevant to where you live and/or wish to buy.

If the Help to Buy Scheme is an incentive you are interested in, please call us and speak to one of our experienced and professional property team for more information on 01243 521833.

Tags:

Home Buying Advice