Help-to-Buy mortgages
Saving for a large deposit can be a long and tiresome journey, and sometimes may even seem impossible.
Help-to-Buy mortgages
Thanks to the Government’s Help-to-Buy scheme, you can now buy a home with as little as a 5% deposit and have lower mortgage repayments than you would with a standard mortgage arrangement.
Available throughout the UK, the scheme allows you to take out an equity loan of 20% of the property value from the Government. This, combined with your 5% deposit, means that you’ll only need an 75% mortgage on your home.
Help-to-Buy London
Help to Buy London is available to both existing homeowners and first-time buyers on properties up to £600,000 in London.
Using the scheme, purchasers only need a 5% deposit and a 55% mortgage to qualify for a 40% interest-free equity loan backed by the UK Government.
For both Help-to-Buy mortgages and the Help-to-Buy London scheme, the equity loan is interest-free for the first five years, after which there is an annual fee of 1.75% of the outstanding equity loan. This is increased annually by RPI plus 1%. The equity loan must be repaid after 25 years, or earlier if you sell your home.
For both Help-to-Buy mortgages and the Help-to-Buy London scheme, the equity loan is interest-free for the first five years, after which there is an annual fee of 1.75% of the outstanding equity loan. This is increased annually by RPI plus 1%. The equity loan must be repaid after 25 years, or earlier if you sell your home.
Contact us today
When it comes to the Help-to-Buy scheme, at Peter Richards Financial Ltd we’ll not only guarantee that you get the very best mortgage deal available to you.
We’ll walk you through the entire application, deal with the paperwork, and liaise with lenders, builders, and solicitors on your behalf.
There are slight differences in how the scheme works in Scotland compared to the rest of the UK, and we would be more than happy to go over the finer points of these to make sure you’re comfortable with your options.
There are slight differences in how the scheme works in Scotland compared to the rest of the UK, and we would be more than happy to go over the finer points of these to make sure you’re comfortable with your options.