Thanks to a great new Government initiative, buying the house you’ve set your heart on and getting your foot on the housing ladder is now easier than ever before.
Understanding Help to Buy is really straightforward: the Government’s Help to Buy: Equity Loan scheme offers a more affordable solution for buyers who want to purchase a newly built home at North Stoneham Park – and it isn’t just available for first-time buyers of new homes in Chandlers Ford, Eastleigh or Southampton.
So, if you’re looking to move to a new property as your family grows or your circumstances change, Help to Buy could be just the leg up you need to make your move to this remarkable new community happen.
Under the terms of the Help to Buy scheme, the Government will lend you up to 20% of the cost of your new home, which means you just need to raise a 5% deposit. You’ll take out a 75% mortgage to make up the total purchase sum and, for the first five years, there’ll be no fee charged on the 20% loan. The loan must be repaid after 25 years or earlier if you sell your home.
The Help to Buy scheme applies to newly-built properties worth up to £600,000 and it must be your only property. You won’t be able to sublet your new home or take up a part-exchange deal on your old home either.
You can find out more about the Government’s Help to Buy schemes at helptobuy.gov.uk/equity-loan. If you want to know more about what Help to Buy is when it comes to buying at new home at the Park, please contact us.
Here’s an illustration of how Help to Buy could help you purchase a two bedroom Himley :
|Help to Buy equity loan:||£62,000|
|Your monthly repayment:||£806.87*|
*This illustration is provided on the basis of a capital repayment mortgage over a 30-year term on a two-year fixed rate of 1.54% with a £999 arrangement fee and a free basic mortgage valuation. This is an example rate; these vary daily so this illustration does not constitute an offer. Mortgage is subject to full underwriting, affordability and credit scoring via the lender, this rate and product was valid at point of printing** The government will provide an Equity loan of up to 20% of the value of the property.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
On 1st April 2021, a new Help to Buy scheme will come into effect and will run until March 2023. Although the current scheme was extended to allow new homes to be finished after delays caused by coronavirus, there are no plans for the 2021 changes to be pushed back.From this date, the scheme will be restricted to first-time buyers only and regional price caps will apply. Given the often-lengthy purchasing process, we’re advising all homebuyers relying on Help to Buy to act fast to avoid missing out.
You can find out more about the new Help to Buy (2021–2023) scheme on the Government’s website here.
If you want to know more about the Help to Buy scheme and discover an easier way to get your foot on the housing ladder, we’ll get a member of our panel of expert professional financial advisers to talk you through it.