If you think that buying a London home is out of reach, think again. Thanks to Help to Buy, owning a property in the capital could be a lot easier than you think.
Help to Buy is a Government scheme which could mean an end to renting for you sooner than you think!
The scheme offers a Government equity loan of up to 40% of the value of your home, with our properties in Croydon and Sutton being eligible. This means that you only have to secure a mortgage of up to 55% from a bank or building society.
Outside London, the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 75% mortgage to make up the rest. Furthermore, you won’t be charged loan fees on the 20% loan for the first five years of owning your home.
These equity loans are available to first-time buyers, as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000.
It’s important to note that you won’t be able to sublet this home or enter a part exchange deal on your old home. You also must not own any other property at the time you buy your new home with a Help to Buy: Equity Loan.
Overall, a 5% deposit is all that’s required up front, so owning a London home is now a real possibility. Could 2016 be the year that you buy your first London home?
We currently have superb developments in the most suitable areas for first time buyers. With Epsom offering a perfectly balanced city and urban lifestyle, to Croydon’s buzzing tech scene, at Inspired we are pretty sure that something will take your fancy.
Speak to our sales team on 0208 688 6552 to find out more about Help to Buy and to obtain expert financial advice on whether you are eligible.