We’re holding a special Help to Buy event on 20th and 21st October and it’s the perfect opportunity for you to discover all you need to know about this exciting scheme. The event will be held at the Park’s Marketing Suite from 10am until 5.30pm on Saturday and Sunday and a financial advisor will be on hand to answer any questions about how the scheme works. Charters, North Stoneham Park’s exclusive selling agent, will also be in attendance over the Help to Buy weekend for more general enquiries about new homes here.
In essence, the Government will lend you up to 20% of the cost of your new home, so you just need to raise a 5% deposit. You’ll then take out a 75% mortgage to make up the purchase price 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 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 it or do a part-exchange deal on your old home either.
Here’s an example of how Help to Buy could help you:
The Holland is one of our most popular house types and Plot 32 in particular is in a great setting. It’s a spacious three-bedroom townhouse arranged over three floors with a fabulous open-plan kitchen/diner and a living room with a glazed door to the garden. Upstairs you’ll find a large master bedroom with en-suite and two further double bedrooms, including a vast top-floor room with plenty of storage space that could easily be used as a cinema room, playroom or study.
Plot 32 purchase price: £375,000
Less deposit: £18,750
Help to Buy equity loan: £75,000
Your monthly repayment: £989.66*
If this example is of interest to you, come along to our Help to Buy event and see how we can help your figures add up in more detail. Telephone 023 8001 1620 for more information about the event or email firstname.lastname@example.org. You can also find out more about the Government’s Help to Buy scheme at helptobuy.gov.uk/equity-loan
*This illustration is provided on the basis of a capital repayment mortgage over a 30-year term on a two-year fixed rate of 1.64% 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 – this rate and product was valid at the point of printing. Mortgages are subject to full underwriting, affordability and credit scoring via the lender.
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.