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Help to Buy

With Help to Buy, the buyer ('you') buys a new home on an approved new build development with assistance from the Government in the form an equity loan.

You must take out a first mortgage (with a qualifying lending institution e.g. a bank or building society). This mortgage, together with any cash contribution from you, must be a minimum of 60% of the full purchase price. The maximum full purchase price is set at £600,000. PLEASE NOTE: There are no household income restrictions but you will be required to undergo an affordability check.

The Government will provide an equity loan to fund the balance needed to make up the full purchase price of your home, up to a maximum of 40% of the full purchase price. The equity loan must be repaid when you sell your home, at which point you must repay the same percentage of the proceeds of the sale to the Government as the initial equity loan (i.e. if you received an equity loan for 40% of the purchase price of your home, you must repay 40% of the proceeds of the sale).

In addition, you can, if you wish, make voluntary part repayments of the equity loans ('staircasing').

The equity loan is interest free for the first five years. After that, you will pay a fee on the equity loan of 1.75%, rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1%.

If you purchase a home through Help to Buy, you will have 100% title to your home and you can sell it on the open market without restriction, subject to the repayment of the equity loan.

If you are interested in accessing Help to Buy in London please visit http://www.helptobuylondon.co.uk/

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