Help to Buy for Homemovers
With as little as a 5% deposit, the Help to Buy Equity Loan will allow you to borrow 20% of the purchase price, interest-free for the first five years. In the sixth year, you will pay 1.75%, rising annually by the increase (if any) in the Retail Price Index (RPI), plus 1%. For those in the London area, you can borrow up to 40% of the purchase price.
So if you’re pondering over how you might be able to afford your next move, it’s worth reading the rest of this article that looks at the Equity Loan in more depth.
Help to buy equity loans
Who is it for? Homemovers and first-time buyers
What is it for? New build homes only
When does it end? 2020
Perhaps your current home hasn’t gone up in value enough to fund the deposit for your next move, or perhaps the price jump between your current home and the new house you want to move into is too high. In which case, the Help to Buy Equity Loan might be just what you need.
The Help to Buy Equity Loan is excellent for those looking to move home into a new build property that is no more than £600,000 (£300,000 in Wales), but who are struggling to find the funds for a deposit.
So if you already own a small property and are looking to move up the ladder and into a new build, the Equity Loan could give you the boost you need to help get you to where you want to be, without having to wait and build up your savings first. Finding the deposit is still the largest challenge many buyers are faced with, and since the scheme started, almost two in ten applicants are already existing homeowners in need of that extra boost to move them up the housing ladder.
Why speak to a mortgage broker?
If you’re saving hard to secure your deposit for your next home, then you could be a lot closer to moving than you think. To learn more about the ins and outs of the Help to Buy schemes, Mortgage Advice Bureau can help.
Not only can our trusted advisers explain exactly how the scheme works but we also have access to over 11,000 different mortgage products from 90+ lenders, so you aren’t restricted in the options that are available to you.
Let us take the hassle away from you and get in touch today to arrange an appointment with one of our expert mortgage advisers. We offer appointments either face-to-face or over the phone; whatever suits you best.
For further information call: 01789 201 914
Or email: email@example.com
Contact our expert advisers now
Call free from landline or mobile
Not the right time for a call? Email us and we can arrange a good time to discuss your needs
Does gambling affect your mortgage application? Applying for a mortgage is a process that will involve heavy scrutiny of your financial history and current income and expenditure. A house mortgage is probably the biggest loan you will ever take out, so banks will do...
What is a residential mortgage A residential mortgage is a loan of finance that enables someone to acquire a house to live in. The mortgage will usually be provided by a bank or building society, with a term agreed over which to pay back the loan. The amount...
Are you planning to get a mortgage, but don’t know where to start? This ultimate guide to mortgages will tell you everything you need to know to secure yourself a mortgage.
Every now and then, everyone needs a little pick me up, including your home. Over the years, scuffs and scrapes can make a house look untidy and you can soon fall out of love with your home, which becomes a place just to rest your head, rather than a space to relax...
Buying a house with a friend could be a great way for you to get on the property ladder quicker than if you were buying by yourself, plus, you won’t have to take the financial hit quite as hard when there’s someone to share the cost with. However, there can be some...
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances and loan amount. The fee is up to 1.5%, but a typical fee is 0.67% of the amount borrowed.
©2019 |CAPC is a trading name of Christopher Allen Private Clients Limited which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the financial conduct authority.
Christopher Allen Private Clients Limited. Registered Office: 7 Arrow Court, Adams Way, Alcester, Warwickshire, B49 6PU. Registered in England Number:08820469