The Government funded scheme created to make home ownership a reality for more people.
Help to Buy is a Government funded equity loan assistance scheme for homebuyers. It is available to ALL purchasers, not just first time buyers, on new build homes in England up to the value of £600,000.
Homebuyers need only a 5% deposit to be eligible for an equity loan of up to 20% of the purchase price.
The equity loan is interest free for the first five years and can be repaid at any time or when the property is sold.
A further bonus of the scheme is that with a 20% equity loan, home buyers will only need to secure a mortgage of 75% from a bank or building society. The lower borrowings of a 75% mortgage could also mean initial lower monthly repayments.
If you would like us to keep you informed on Help to Buy and the availability at Parklands why not call our Sales Executive on 0151 256 0900 or fill out an enquiry form.
You can also visit the Government’s Help to Buy website by clicking here.
Disclaimer: *Help to Buy prices are based on 80% of full purchase price. Eligible applicants can apply for an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage funded from a qualifying institution and a minimum 5% personal deposit. The equity loan aspect of the funding is provided by the Homes & Communities Agency (HCA) on a fee free basis for the first 5 years, and then at a pay rate of 1.75% in year 6, which will rise annually thereafter by the Retail Price Index (RPI) plus 1%. The equity loan will be held by the HCA as a second charge and must be repaid either if you sell the house or at the end of the mortgage term, whichever comes soonest. The amount you must pay to redeem this charge will be linked to the value of your house at the time of redemption. This offer is only available on selected developments and properties in England up to £600,000. Further terms and conditions apply and full details are available from the schemes administrators upon request. It is not offered with any other promotion. Applicants will need to use a Mortgage Broker from the panel, who will act solely for the applicant. All schemes are subject to terms and conditions and are available on selected plots and developments. Please visit your chosen development web page to see all schemes available. For more information please contact your chosen development to speak with a sales advisor for specific details.