Moving home is so much more achievable with Help to Buy
With the stamp duty incentive, there has never been a more ideal time to buy.
With the stamp duty incentive, there has never been a more ideal time to buy. But time is desperately running out. The market has never been as busy as it is in this current climate. Speak with any agent, solicitor, broker and they will all tell you how busy this market is and how the process can take a little longer than normal to achieve completions.
Add to that, the Help to Buy Equity Loan scheme will be changing from 16th December so to be in with a chance of being accepted on the current schemes, you really do need to act fast!
We have lots to choose from on various schemes. Please visit www.sandersonsuk.com/land-and-new-homes to see our current new homes and which schemes are available for each site.
But how does the Equity Loan scheme work?
We are proud to work with Developers approved under the Government backed Help to Buy Scheme to offer this as method of purchase. Please note, you must be a first time buyer to be eligible and you won’t be able to sublet this home.
With a Help to Buy: Equity Loan, you will need to contribute a 5% cash deposit, then the Government lends you up to 20% of the cost of your newly built home (total 25% deposit). Then you will have a 75% mortgage on the remainder.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home, then you will be charged interest at a rate of 1.75% on the outstanding amount of the equity loan. From the fifth anniversary of the loan this fee will increase each year by the increase (if any) in RPI plus 1%. The equity loan must be repaid after 25 years, or when the property is sold, whichever is earlier.
Example:
How to Apply
You will need to register with the Help to Buy scheme, verify your email address and then complete the application form. When you have done this you will have an account with the scheme and a unique approval number. We will then be able to show you any property that we have available.
During the application process you will be asked a variety of questions regarding your status. Your answers will be stored in your account. Please ensure you update the details held if any of your circumstances change while you are waiting for a suitable property to become available.
For more information about these schemes, click here.
Experience the difference with Sandersons UK.