Buying new in Greater London is now more affordable – and not just for first time buyers. With London Help to Buy, you could get up to 40% of the price of a new home funded by the government in the form of a 25-year equity loan.
If you have your heart set on a superb new Fairview home or apartment in the capital, and you have a deposit of just 5%, London Help to Buy can help‡.
You could get a mortgage of only 55% – just think how affordable those repayments could be.
Help to Buy is now a well-established and successful scheme which enables purchasers to secure a new home with just a 5% deposit.
To find out more, view our video or read more about London Help to Buy here.
‡London Help to Buy – Eligible applicants will be offered an equity loan of up to 40% of the purchase price at the open market value. Applicants are required to fund at least 60% of the purchase price with a conventional main mortgage and minimum of 5% deposit. For the first five years there is no interest charged on the Help to Buy: Equity Loan. At the start of year six 1.75% interest is payable on the equity loan, which rises annually by RPI inflation plus 1%. The equity loan is provided by the Government’s Homes and Communities Agency, trading as Homes England, and held as a second charge on the Help to Buy home. Terms and conditions apply. Applicants should seek independent financial advice, and get information and guidance on applying for a Help to Buy: Equity Loan at www.helptobuy.gov.uk. This scheme is subject to status and only available on selected developments and properties in England. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.