Help to Buy describes a number of government backed initiatives aimed at helping homebuyers across England. Under one of these schemes homebuyers with a minimum of 5% deposit will be eligible to receive an equity loan from the government of up to 20% of the property price, which is interest free for the first 5 years, leaving them only needing to secure up to a 75% mortgage from a bank or building society.
Also under one of these schemes new-build properties up to a maximum value of £600,000 are available to both first-time buyers and existing homeowners.
The equity loan can be repaid at any time or on the sale of your property and is interest free for the first five years. From year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%.
To take advantage of Help to Buy please contact us for further information.
** Information sourced from Plumlife**
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
We will charge a broker fee of between 0.5% and 1.5% of the loan amount, payable on completion. For instance for a £100,000 mortgage the fee will be between £500 and £1,500.The amount we will charge is dependent on the amount of research and administration that is required.