We work with a number of property developers across the UK and know that each project requires it’s own consideration and offers that are suitable for potential clients. We have therefore introduced Help to Buy on some of our projects, in order to assist people up the property ladder.
Our first project to offer Help to Buy was St Catherine’s Court in Sevenoaks, which offers 15 1, 2 & 3 bedroom apartments, and our most recent project to provide the scheme is Montreal Mews in Cambridge, which offers 17 1 & 2 bedroom apartments.
The Help to Buy equity loan scheme helps purchasers to take the next step in purchasing a new home – but what does it really mean and how can it benefit you?
What is Help to Buy?
Help to Buy is an equity loan scheme allowing people to purchase new build homes with just 5% deposit. The government will then loan an additional 20% of the value of your property, which is interest free for 5 years. You will then need to secure the remaining 75% through a mortgage, of which there are plenty of competitive options available.
Who is eligible?
Many people often think that Help to Buy is just for first time buyers, but in fact those who have previously owned a home can also apply.
Previous homeowners who don’t own a home at the time of completion of the Help to Buy property
How does it work?
The Help to Buy loan amounts are calculated based on the property sale value and the percentages noted previously, please see the example below:
Property value – £330,000
This is made up of:
5% deposit – £16,500
20% Help to Buy – £66,000
75% mortgage – £247,500
If the sound of the Help to Buy scheme appeals to you or you’d like to find out some more information about the projects that offer it, contact us today.