Owning your own piece of the city just needs a 5% deposit and 55% mortgage. The Help to Buy: Equity Loan (2021-2023) is available to first time buyers only, and regional property price caps will be introduced, which for London will be £600,000. It means with London Help to Buy, London living is all yours to enjoy.
However if you aren't a first time buyer, the Government have now introduced a 95% Mortgage Guarantee Scheme which will help you make your move to a new Fairview home. To find out more click here.
Once you have your deposit and mortgage in place, the remaining 40% will be supplied by the government as a 25-year equity loan, with the first 5 years of the loan interest free.
WHAT ELSE DO I NEED TO KNOW?
There is no age limit
You need a minimum of 5% deposit, and must have a mortgage of at least 55%
It’s open to all UK residents living in the UK, as long as you don’t own any other property at the time you buy, in or outside the UK
You'll need a minimum of 5% deposit. You must have a mortgage of at least 55%
After 5 years, you pay 1.75% of the outstanding amount of the loan, which rises each year by the increases (if any) in the Retail Prices Index (RPI) plus 1%
You repay the loan after 25 years or when you sell your home, whichever happens first.
So, if you’re looking to move on to one of our new build homes, London Help to Buy is for you. Use our calculator below to see how it can help you
‡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, for the 2021-2023 scheme interest fees start at 1.75% and rise each year in April by the Consumer Prices Index (CPI) plus 2%. 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 atwww.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.
Land to sell? Talk to Fairview.
We are always looking for opportunities to buy land for future development in London and the South East.