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
6th January 2018
The London Home Show Spring 2018 takes place on Saturday 3rd March at the QEIIC, Westminster, 11am – 5pm. The event, supported by the Mayor of London, is the No.1 event for first time buyers in the capital.
20th December 2017
Tickets are now available for the London Home Show Spring 2018. The London Home Show is the no.1 event for first time buyers in London, and takes place on the 3rd March 2018 at the Queen Elizabeth II Centre Westminster. It's free to attend, register today to get your FREE tickets.
20th September 2017
Shared Ownership Week returns for its fifth year, 21st - 27th September. Shared Ownership week raises awareness this home ownership scheme which offers a life line to thousands of first time buyers.
19th September 2017
Countdown to the London Home Show Autumn 2017: Our sponsor Crest Nicholson give you the low down on their fantastic development Dylon Works, available via Help to Buy London.
FIRST STEPS is committed to the promotion of all types of accessible housing in London. We want to make the journey into your new home as simple as possible and to be sure that you know what to look for when searching for an affordable accessible home. All developments must be rated according to the type of accessibility they offer. That is why we have the following guide, based on the information provided in the Mayor of London's Accessible Housing Register, to help you understand what the rating of each property actually means.
A - Wheelchair Accessible Throughout
Meets the design standards from the Wheelchair Housing Design Guide which superseded the Housing Corporation wheelchair design standards. These properties have been designed to meet latest wheelchair accessible housing design standards, offering extra space and full access to all rooms and facilities. This standard provides more space than previous wheelchair housing design guidance and also ensures that all rooms are accessibly. In view of the high density of new build housing stock in London, the parking features have been excluded from this category. This will enable wheelchair accessible homes built above ground floor level to be categorised as such.
B - Wheelchair Accessible essential rooms
Complies with the Wheelchair Housing Design Guidance within the Housing Corporation Scheme Development Standards. Properties designed of adapted to provide access for wheelchair users to essential facilities of the property (that is, a bedroom, bathroom, toilet, living room and kitchen). Other rooms in the house such as additional bedrooms or bathrooms may not be wheelchair accessible.
C - Lifetime Homes
Meets the space standards of the Lifetime Homes developed by the Joseph Rowntree Foundation. Designed to meet the space standards of Lifetime Homes. Main features include a level approach/entrance and wider doorways. This category will capture all new general needs housing built to Lifetime Homes standards. Properties achieving this category will not necessarily meet all Lifetime Homes design guidance as the LAHR framework does not assess features other than space and access. Properties may have an internal flight of stairs. If so, these will be wide enough to accommodate future provision of a stair lift subject to technical feasibility.
D - Easy Access
Compatible with the design standards in Mobility Standard Housing (1974) produced by the DoE and Housing Corporation Scheme Development Standards (pre-1999) and Part M of Building Regulations (2000). The main features of these properties include a level approach to the entrance, wider doorways and more space than in general needs housing. These properties may also have an internal flight of stairs and if so, there is enough space to accommodate future provision of a stair lift subject to technical feasibility.
E - Step Free
No published access design guidance. These are properties that are considered general needs housing but have a level approach/entrance into the property and throughout. Properties in this category that have an internal flight of stair will be likely to accommodate future provision of a stair lift subject to technical feasibility.
E+. Minimal steps
No published access design guidance. Properties that do not meet any accessibly housing design guidance and have a limited number of steps to enter the property. Properties in this category will have no more than four steps to access the front door and are likely to be ground floor properties or properties in a block with a lift and a small number of communal or property front door steps.
F - General Needs
General needs housing does not meet any of the above criteria. Properties in this category will have more than four steps or a ramp access that is steeper than 1:10 to access the property front door. These properties should be marketed with the number of steps to access the property as this will provide an additional factor for helping people choosing what to bid for.
The Accessible Housing Register captures the essential information which determines the category awarded to a property. Additional information is also collected. This includes:
- Details of major adaptations such as level access showers and stair lifts
- Private garden or balcony
- Proximity to local shops
- Proximity to public transport