A new report has urged the May government to back Help to Buy and ease the housing market through the uncertainty of Brexit.
For first time buyers, purchasing a London home seems utterly impossible, however, it has become a realistic opportunity thanks to London Help-to-Buy. What’s even more interesting, is that buying a house in London is now a lot cheaper than renting, so here are the facts you need!
Therefore, it is incredibly important for the government to not lose momentum in supporting first time buyers. Savills have claimed how Help to Buy equity loan has played a key role in supporting the delivery of new-build homes to alleviate the housing shortage in the UK. The scheme has accounted for 27.3% of all private completions since its inception and supporting around 40% of sales among the major house builders.
London Help to Buy
London Help-to-Buy means that you could afford to buy an Inspired London home with a 40% equity loan, 55% mortgage and only a 5% deposit. Essentially, it is the same as the government’s existing help to buy equity loan scheme except “twice as generous” because you can borrow up to 40% of the home’s value, instead of 20% under the current scheme
London Help-to-Buy applies to new homes worth up to £600,000 in any of the London boroughs and the City of London.
There are no age restrictions, but you must be eligible for a mortgage to qualify for the scheme and your mortgage must be for at least 25% of the property’s value. The scheme is also only open to UK residents living in the UK.
Our homes start at less than £200,000 and combine stunning design with excellent fittings. Many of our homes also offer residents the chance to enjoy privileged access to a 10th floor ‘sky garden’ and BBQ.
To find out more information about our high tech, high spec apartments, please call 020 8688 6552.