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London Home Show Blog: Help to Buy London

Tuesday 13th September 2016

A New Home of Your Own?

Are you looking to purchase a new home in London and are struggling to find a large enough deposit?  Then come along to the London Home Show.  The Help to Buy London Team will be there to offer advice on the equity loan scheme.  

We are the Government appointed Help to Buy agent for Equity Loans in London, and can help to guide you through the process.

Who Can Benefit from Help to Buy?

Help to Buy Equity Loan is a scheme offering an ‘equity loan’ to assist you in the purchase of a new build home.  The Help to Buy scheme is available to home movers as well as first-time-buyers, subject to meeting the relevant criteria. You will have to sell any property you own before you can complete on your Help to Buy purchase. The home you purchase through Help to Buy must be your main residence, you cannot sublet.

How Does the Help to Buy Equity Loan Work?

The Government will loan you up to 40% of the value of your new build home. You will require a minimum 5% deposit and will need to fund the rest of the purchase with a conventional mortgage from a qualifying lending institution. You will need to pass your chosen lender’s credit and affordability checks. 

The equity loan is interest free for the first five years. From year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1 %. The equity loan is for a maximum of 25 years or before if the property is sold or the mortgage is redeemed.

You must pay a monthly management fee of £1 per month from the start of your loan until it is repaid.

Subject to meeting affordability checks and the 1st charge lenders criteria, you’ll be able to use the Help to Buy scheme to purchase a property with a value up to £600,000.

Share to buy offers a one-stop-shop for affordable housing.
You can search for shared ownership properties for sale on the part buy part rent scheme.
You can also search for shared ownership mortgages. Further reading: getting started; part buy part rent in London; shared ownership mortgage comparison site. Finally, you can find general information about shared ownership at
www.sharetobuy.com/gettingstarted/partbuy-partrent

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