Over 90,000 have bought with Help to buy since 2013.
The Government will lend you 20% (on a purchase of up to £600k) if you can provide 5%, under the Help to buy “equity loan scheme.”
The property must be in a Help to Buy accredited development.
Crucially this allows buyers to get rates based on 75% loan to value rather than higher rates at 95%.
Plus for the next 5 years they will pay on a mortgage 20% smaller.
However the choice of options to re-mortgage can be limited.
When you sell you have to repay the government 20% of your home.
After 5 years interest will be charged at 1.75% of the original equity value (rising by the Retail price index plus 1%).
You can pay off the loan by stair casing with a minimum of 10%.
You will need consent from HCA to raise money on your home .
For full details https://www.helptobuy.gov.uk/
Or call me for advice.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED ON IT.
AFP Shrewsbury is a trading style of Gary Harper (FRN 755477) who is an Appointed Representative of AFP Partnership (FRN 300003). AFP Partnership are authorised and regulated by the Financial Conduct Authority. Certain products, including Buy to Let and Commercial mortgages, are not regulated by the Financial Conduct Authority. If you’re looking to move to another lender and would like some remortgaging advice contact our office in Shrewsbury on 01743 364377 or e-mail email@example.com and speak to a mortgage adviser.