As you may be aware, the Government launched its Help to Buy scheme on
This is an extension of the First Buy scheme, which was originally aimed at first-time buyers, but now covers anyone who wishes to buy a
new-build home, regardless of whether or not it is their first home.
Help to Buy provides shared equity loans of 20 per cent of the property price if you put down a five per cent deposit from your own savings. This is much lower than the deposits currently required by banks.
New-build homes must not exceed £600,000 in value in order to qualify for the loans, which are interest-free for the first five years.
The Government has also launched a new mortgage guarantee, designed to increase the availability of loans to purchasers, which extends the New Buy Guarantee scheme to include older houses as well as those which have been newly built. Starting in 2014,
the scheme will run for three years and will support £130 billion
The launch of Help to Buy is excellent news for those who want to get on the property ladder but are unable to raise the high deposits often required by banks or other lenders.
At Palmers, we have already been helping people take advantage of the First Buy scheme for some time, so we are therefore ideally placed to assist you through Help to Buy.
Our expertise, attention to detail and ability to meet your deadlines mean you can be sure you will be in safe hands when it comes to turning your dreams of home ownership into a reality.
We are also able to help with any other conveyancing matter, including transactions involving residential and commercial property.
For more information please contact Clare Butcher, Brooke Barnes and Beryl Nicholsburg.