Many of you may already be aware of the Help to Buy scheme that was introduced back in 2013 that aims to help those struggling to save money get onto the property ladder, or to move home. However, it’s a myth that all Help to Buy schemes are for first time buyers only.
With as little as a 5% deposit, the Help to Buy Equity Loan will allow you to borrow 20% of the purchase price, interest-free for the first five years. In the sixth year, you will pay 1.75%, rising annually by the increase (if any) in the Retail Price Index (RPI), plus 1%. For those in the London area, you can borrow up to 40% of the purchase price.
So if you’re pondering over how you might be able to afford your next move, it’s worth reading the rest of this article that looks at the Equity Loan in more depth.
Help to Buy Equity Loans
Who is it for? Homemovers and first time buyers
What is it for? New build homes only
When does it end? 2020
Perhaps your current home hasn’t gone up in value enough to fund the deposit for your next move, or perhaps the price jump between your current home and the new house you want to move into is too high. In which case, the Help to Buy Equity Loan might be just what you need.
The Help to Buy Equity Loan is excellent for those looking to move home into a new build property that is no more than £600,000 (£300,000 in Wales), but who are struggling to find the funds for a deposit.
