Recent figures released by the government show that over 300,000 home have been brought with the help of initiatives. This may have been with help through the equity loan scheme, shared ownership or the Help to Buy ISA.
What is Help to Buy?
The Help to Buy, equity loan scheme, allows buyers to borrow a maximum of 20 per cent of the price of a new build property. This scheme amount is capped at £600,000. Applicants are required to put down a five per cent deposit, with a mortgage for the difference. For applicants living in London, the amount of support is doubled to forty per cent. Similar schemes operate in Scotland, Wales and Northern Ireland.
Shared ownership helps when you would struggle to afford a full mortgage. It allows you to buy a share in a home and then pay the difference as rent. Usually at a discount rate.
If you save into a Help to Buy ISA you will receive a government bonus of up to £3,000 when you purchase your home. If you are buying your home with your partner you both can have an account. That’s then two amount of £3,000. £6,000 towards your new home. You can see why the scheme has proved popular as over one million people have opened accounts.
How Anstee & Co can help you with Help to Buy.
For more details check out our website to understand which scheme is best for you.
Our website provides you with details of current mortgage rates. As we are independent mortgage advisers we look at available rates for you. We do not just work of a limited panel like some brokers.
Why not contact us today to arrange an appointment. The meeting is free.
Our mortgage adviser operate out of our offices located at-
- Kettering
- Stamford
- Birmingham
- London
The team also make use of meeting rooms at Towcester, Wellingborough, Bedford, Northampton, Grantham and Worcester. A meeting can also be arranged at your home or place of work at a time that is convenient for you. Contact us today to take your first step towards home ownership.
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