With as little as 5% deposit required from you – The Government are offering you a 20% deposit towards a house purchase – this in turn means you attract the lower interest rates on the overall borrowing.
So – now we’ve established that you don’t need to save for as long as you thought because of the minimum requirement, there are a number of other positives which reflects in why this scheme is still proving popular.
Help to Buy is not only available to first time buyers, it is also open to home movers who perhaps need to upsize but do not have enough equity to make up the required deposit. In London you can apply for a 40% equity loan on a property value upto £600k (it is 20% for the rest of England).
With more lenders looking to lend into this sector, it is fair to say interest rates are still remaining competitive and even with the 20% equity loan and 5% deposit – if you are a first time buyer, you also have the stamp duty exemption – another fantastic cost saving which only a few years ago you would not have been able to take advantage of.
Properties available under this scheme are new builds – so this also gives you the opportunity to speak to the developers about the specification of the property you are interested in.
There are a couple of points to note regarding this scheme and we would always ensure you are aware of these points but to highlight for you;
So whether you are looking to get your foot on the property ladder or wanting to upsize Help to Buy is remaining a popular choice and it is certainly an avenue worth exploring. If you would like to have a chat with a Financial Adviser and would like independent mortgage advice, please call us on 0333 772 0672 or email us with your enquiry: firstname.lastname@example.org.
All initial consultations are at no cost with no obligation and we are always happy to help.