Cardwells estate agents strongly recommend the Government’s Help to Buy Scheme.
The Government has recently set up a scheme meaning all your home owning dreams may actually become a reality. With this in mind, here at Cardwells Estate Agents we are ready and waiting to help you in that next step of your adventure onto the property ladder. Although the Help to Buy Mortgage Guarantee is no longer available, the Help to Buy Equity Loan can be taken advantage of until 2020.
Under this part of the scheme, first time buyers, along with those wishing to move house, will need just 5% of the property’s value as a deposit. The Government will then provide an equity loan of a further 20% meaning you’ll only need to qualify for a 75% mortgage. The loan is interest free for the first 5 years.
What properties are included?
To qualify for the scheme, Help to Buy properties must be:
Priced below £600,000.
- In England – this scheme currently excludes Wales and Scotland.
The Government Equity Loan scheme is only available from approved, participating house builders, many of whom advertise on Rightmove.
To find Help to Buy properties on Rightmove use our new homes search.
Who is eligible?
To be eligible for a Help to Buy Equity Loan property, you must:
- Be able to demonstrate access to savings or funds to pay, if required, a deposit (which may be between 5% and 55% of the purchase price, legal fees, stamp duty and costs of moving)
- Be purchasing a property costing £600,000 or less.
- Have a good credit history.
- Take out any mortgage with a qualified lender (e.g. a bank or building society)
- Remove your name(s) from any other property deed prior to or at the point of completion of your new property if you are a home-owner wishing to buy a larger property for your family.
With offices in Bolton and Bury, we are guaranteed to find you a property to buy within the North West that you will be able to call your own.