www.earls-park.co.uk - NEW RELEASE - 2 bedroom detached bungalow with a garage and 2 parking spaces located on the brand new development Earls Park in Tuffley Crescent.
This property boasts a superb open plan kitchen/dining room with french doors leading to the rear garden, with a...
Help to Buy is a Government initiative to assist people getting on or moving up the housing ladder who can afford mortgage payments but are struggling to raise a deposit
Many people in Gloucester and throughout the UK are unable to purchase a home or move house because of the large deposits required in today's difficult mortgage market.
The Help to Buy scheme is a government scheme which could make getting on to, or moving up, the housing ladder more accessable. It helps existing home owners and first time buyers purchase a home with as little as 5% deposit.
If you are looking to purchase a property in Gloucester up to the value of £600,000 there are two Help to Buy schemes available:
The Two "Help to Buy" schemes are included?
- Help to Buy "equity loan", available on new build properties now. You can find details on this scheme here.
- Help to Buy "mortgage guarantee", designed to encourage greater provision of mortgages for people with smaller deposits.
What is the "Help to Buy": equity loan?
The Help to Buy - equity loan scheme is only available with new build homes.
Under the scheme
- Government provides equity loan of 20%
- You arrange a mortgage for 75%
- Meaning your deposit is 5%
Many developers advertise plots that are eligible for Help to Buy on michaeltuck.co.uk, so you can search for Help to Buy homes now using our property search.
For more details about whether you could be eligible for Help to Buy please visit our Help to Buy - equity loan guide.
Am I eligible for the Help to Buy equity loan?
The Help to Buy - Mortgage Guarantee scheme makes it possible to purchase any property under £600,000 - be it a new build or pre-owned home with as little as 5% deposit.
To find out if you are eligible you simply need to contact a mortgage advisor or mortgage lender that is participating in the scheme. However, use the quick checklist below to see if you could be eligible for the scheme:
- Buyers need a minimum of 5% deposit
- Available on all previously owned and new build property up to the value of £600,000
- Must be your only property
- Available for properties in the UK
- Borrowing from a participating mortgage lender.
For more details please visit our Help to Buy - mortgage guarantee guide.
*Eligible applicants will be offered an equity loan up to a maximum of 20% of the purchase price (based on the open market value). Applicants are required to fud at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. For the first five years there is no fixed fee charged on the equity component. At the start of 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 provided by the HCA and held as a second charge. Terms and conditions apply and full details will be provided on request. This offer is subject to status and only available on selected properties in England only. It is not offered with any other promotion. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE