Buy a Property in London with "Help to Buy" Scheme
The London Help to Buy scheme can enables those who qualify to buy a home with a 5% deposit by borrowing up to 40% of the home's value from the government, interest free for 5 years. The remaining 55% of the property’s value can then be covered with a mortgage.
Both first time buyers and homeowners wanting to move are eligible for the scheme as long as they don’t own any other property. However, you must have a 5% deposit and can only purchase a property up to the value to £600,000. The property must be a new build which is advertised as "Help to Buy" or be purchased from a Help to Buy registered developer. The scheme also requires a financial assessment and sustainability check prior to the purchase.
The Mortgage Hut London
Whether you have already reserved a Help to Buy property and are now looking to arrange your mortgage or are interested in finding out if the London Help to Buy scheme could be suitable for you, The Mortgage Hut London can provide all the help and advice you need. There are certain rules regarding the mortgage when it comes to a Help to Buy property which include a maximum income multiple of 4.5 and a debt to income ration of less than 45%. A friendly mortgage adviser from The Mortgage Hut will look through your finances and will assist you wherever possible in securing a mortgage for a Help to Buy property.
If you are interested in purchasing a property outside of London with the Help to Buy scheme, The Mortgage Hut can also help. Pop into one of our branches located in Southampton, Eastleigh, Winchester, Basingstoke, Newbury and Andover or give us a call to find out more.