Low deposit Mortgage options for new build properties via the government Help To Buy scheme
- Finance Your New Property Purchase – With A Small Deposit
- 20% Deposit Provided In Return For A Stake In The Property’s Growth
- Available From 1st April 2013 – Register Your Mortgage Interest Now To Avoid Disappointment
Never thought you would be able to be a homeowner? Think again the New Help To Buy scheme launched in today’s Budget presents first time buyers or subsequent borrowers the opportunity to purchase a New Build Property with a 5% deposit.
Previously known as ‘First Buy’, the Help to Buy scheme has substantial extra government funding and is open to subsequent purchasers whereas previously restricted to first time buyers only.
20% of the deposit is effectively provided by the government by way ‘interest free loan’ over 5 years. In return the government take a 20% stake in the value of the property which they will realise on sale. To balance this generosity and safe guard the government’s interest after 6 years a nominal charge of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%.
Opportunities like this normally occur once in a life time so take advantage of the governments desire to kick start the property market.
Some more infomration on Help to Buy scheme
- New build Properties
- You’ll need a minimum 5% deposit the rest the goverment will cover
- Available to all, not just first-time buyers this can help people who are currently stuck in a small property
- You will need a 75% mortgage which we can help you get. The good news is at 75% loan to value mortgage are very competative and we have access to the whole of the market.
- The Help to Buy scheme is available from 1 April 2013. It will run for 3 years so you have plenty of time to plan.
- Maximum purchase of £600,000.
As a Mortgage Broker who has been active in the FirstBuy scheme we welcome this fantastic news and whole-heartedly support the new Help to Buy initiative. We are able to provide full assistance with the finance for the other 75% and we can access the ‘whole of the market’ for the best products and lenders as and when they become available.
Register your Interest now
For more information on how we can help you get a Help to Buy Scheme Mortgage , please complete the simple enquiry form on the top right hand side of this page.
Payam Azadi is a partner at Niche Advice Ltd who are Independent Financial and Mortgage Advisers in London.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.