As 2017 approaches, why not make owning your own home top of your New Year’s resolutions.
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 many. However, it can seem slightly baffling at first, so here’s everything you need to know…
The scheme offers a Government equity loan of up to 40% of the value of your home, with our developments in Croydon and Sutton being eligible. This means you only have to secure a mortgage of up to 55% of the property’s value from a bank or building society.
Outside London, the Government will lend up to 20% of the cost of your newly built home, so you’ll only need a mortgage for 75% of its value to make up the rest. Furthermore, you won’t be charged interest on the 40% equity loan in London and 20% loan outside of London 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 your 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 Help to Buy.
Overall, a 5% deposit is all that’s required up front, so owning a London home is now a real possibility. Make 2017 the year that you buy your first London home.
Our homes are designed with first time buyers in mind. From Epsom’s more peaceful lifestyle to Croydon’s buzzing nightlife, at Inspired we have something for everyone.
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.