Help to Buy Scheme

Help to Buy

We can provide advice and guidance to clients looking to take advantage of the government’s Help to Buy scheme, whether they are existing homeowners or buying for the first time.

Our help to buy mortgage advisors have in-depth knowledge and experience working with the scheme; so if you are thinking of buying your first home, contact us today to find out how we can help you. We are here to answer any queries that our first-time buyers may have.

 

help to buy scheme infographic

 

Cannot afford a mortgage on 100% of a home but want to get on the property ladder?

Help to Buy is a government scheme that aims to help people buy their own homes. Whether you are a first-timer buyer or an existing homeowner purchasing a home, these schemes can help make it just that little bit easier. With recent changes to the rules in 2017, we have rounded up the need-to-knows’ so you can get to grips with the schemes that will help you get the home of your dreams.

 

Shared ownership

Shared ownership gives you the opportunity to buy a share of your home at between 25% and 7% of the property’s value, and pay rent on the remaining share. You can then purchase largers shares when you can afford to.

  • No maximum property value
  • Types of property:
    • New build homes
    • Resale programmes from housing association
  • Pay rent on outstanding value of property

Who is eligible?

  • First time buyers
  • Shared home owners

Example property value 200k:

  • Buyer’s deposit 5k (5%)
  • Mortgage from commercial lender 95k
  • Rent payments on 50% property that is not owned by client

 

Equity Loan

An equity loan is where the government lends you up to 20% of the cost of your home, so you only need a 5% cash deposit and a 75% mortgage to make up the rest.

  • Maximum property value of up to 600k
  • Types of property:
    • New build homes only
  • No charges for first 5 years

Who is eligible?

  • First time buyers
  • Home owners looking to move

Example property value 200k:

  • Buyer’s deposit 10k (5%)
  • Government loan 40k (20%)
  • Mortgage from commercial lender 150k (75%)

 

Help to Buy London

Due to the current high property prices in London, the government provides a larger equity loan of 20% to 40% to buyers in all London boroughs. This works in the same way as the equity loan.

  • Maximum property value of up to 600k
  • Types of property:
    • New build homes only
  • No charges for first 5 years

Who is eligible?

  • First time buyers
  • Home owners looking to move

Example property value 400k:

  • Buyer’s deposit 20k (5%)
  • Government loan 160k (40%)
  • Mortgage from commercial lender 220k (55%)

 

If you are looking to make your property ownership dreams come true, why not speak to our experts here at IMC and discover how these schemes can help you – contact us today.

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