Help to Buy Schemes
Mortgage Equity Scheme-How does it work?
With a Help to Buy: equity loan the Government lends you up to 20% of the cost of your new-build home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home. Example: for a home with a £200,000 price tag
If the home in the example above sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%).
You’d need to pay off your mortgage with your share of the money.
For more information on Help to Buy Schemes, call now on 020 8441 2605 or click here for our enquiry form.