Help To Buy Mortgages in Cheshire
The Help to Buy Equity Loan scheme ended on 31st March 2023 for purchases. Below is an overview of how it worked. If you have an existing mortgage with Help To Buy and need to remortgage, we can assist.
The Government’s help to buy scheme is designed to help those who cannot afford a deposit of more than 5% get onto the property ladder. Our knowledge of the market means that we are ideally placed to provide advice and guidance on this and other schemes available on the market to for people looking for help time buy mortgages.
If you’re a first-time buyer looking to purchase a new build property but are unable to afford a deposit larger than 5%, you may be eligible for the help to buy equity loan scheme. On the condition that you contribute a deposit of at least 5%, the Government will lend 20% of the purchase price. This part of the loan is interest-free for 5 years.
You will need a mortgage for the remaining 75% of the property. This loan to value gives access to more competitive interest rates. Once you reach the sixth year of your loan, you will start paying interest on the government’s 20%, or more commonly, you can remortgage and buy out the 20% share for yourselves, depending on affordability.
To be eligible for the help to buy equity loan scheme, you will need to meet the following conditions:
- You must be able to provide a minimum 5% deposit on the property.
- The property you are purchasing must be a new build
- The maximum value of the property you intend to purchase cannot exceed £600,000.
- The property bought must be the only property you own.
If your looking for help to buy mortgages in Cheshire, at Aspire Financial Services we have the experience to guide you through the process. If you are considering using this scheme to purchase your first home, get in touch.
Book a free 30 minute consultation now.