28. August 2013 10:11
Help to Buy is the latest product from the Government which helps make buying a new home more affordable. We explain what the Help to Buy scheme means to you, and how it can help you buy one of our great new family homes in England.
1 What are the advantages of Help to Buy?
The help to buy scheme gives you a chance to move into a new home with an affordable mortgage and a low deposit. This means you have access to a choice of homes, and the new home you desire could be within your grasp.
2 How does it work?
With assistance from the HomeBuy agency, the Help to Buy scheme reduces the mortgage and deposit required to buy a new home, making them more affordable. The homebuyer is only required to pay a 4% deposit, and arrange a mortgage of 76% of the home value.
The remaining 20% of the home is covered by something called an equity loan. This is provided by the Government, and does not need to be paid back until you either sell the home, or finish paying your mortgage. You also don’t need to pay any fees on the equity loan for the first 5 years that you own your new new home.
3 Am I eligible?
The Government hopes to benefit as many people as possible who could not otherwise afford a suitable home in their local area with this scheme, and participation in Help to Buy is easy. You must have a good credit history, and be able to arrange a mortgage with a qualified mortgage lender. You will also have to demonstrate that you have access to savings or funds to pay the minimum 4% deposit. If the purchase price of the home you desire is under £600,000, then Help to Buy can help you!
4 How do I get started?
Contact us today for a free consultation with an Independent Financial Advisor, who can give you advice on the next steps and guide you through the process.
Help to Buy is available on all of our developments in England. Get in touch with us today to start the journey to your new home at Worden View, Jersey Fields, Mill Green or Farrington Park.