The Help to Buy Scheme
Taking the first step on the London property ladder
Buying your first home in London is often believed to be beyond the reach of many young professionals – and it certainly isn’t easy. But softening house prices, record low mortgage interest rates, discounts from developers and the London Help to Buy scheme – mean that this could be the best opportunity many professionals will have to make their first move onto the property ladder.
We are working with an increasing numbers of first-time buyers keen to take advantage of the current situation, assisting them throughout the homebuying process, from helping them find the right type of property within their budget to navigating the Help to Buy scheme and the mortgage application process.
What is The Help to Buy Scheme?
The Government’s Help to Buy Scheme is aimed at first-time buyers and existing homeowners who wish to buy a new-build property, providing part of the equity needed in the form of a loan which means the buyer needs to borrow less from a mortgage company and needs a smaller deposit.
The Government will lend you up to 20% of the cost of a new- build home – or up to 40% for homes in Greater London because London properties are more expensive than in the rest of the country. You must put down a 5% deposit on a new-build property valued at up to £600,000.
You must not own any other property when you buy the new property. And you must not sub-let the property or enter a part-exchange deal with your old home.
For more information, go to www.helptobuylondon.co.uk