Help to Buy is the umbrella term given to all the different ways you can get on the property ladder with Government assistance. The Help to Buy schemes are aimed at those who cannot afford to buy a property on the open market without some help. These include Help to Buy Equity Loan and Shared Ownership.
Who can take part in the Help to Buy Equity Loan scheme?
Help to Buy Equity Loans are available to first time buyers as well as existing homeowners who are looking to move. You will be eligible for the scheme as long as you are in a position to afford a conventional mortgage and have access to a minimum 5% deposit. The property you are buying must be a new-build home priced up to £600,000.
You won’t be able to sublet this home or enter a part-exchange deal on your old home. If you are an existing homeowner you must sell your current home before completing on the Help to Buy home.
We will carry out an assessment of your application to ensure you are in a position to afford a conventional mortgage for your proposed purchase, and that’s it! You’re on your way to a new home…
Note: If you are a home owner wishing to buy a larger property for your family you will need to remove your name(s) from any other property deed prior to or at the point of completion of your new property.
The property purchased must be your only residence. Help to Buy is not available to assist buy-to-let investors or those who already own more than one home. You cannot rent out your existing home and buy a second home through Help to Buy.
Who is eligible for Shared Ownership?
You can buy your home with Shared Ownership if:
- Your household earns £80,000 a year or less.
- You’re a first-time buyer (or existing shared owner moving to another shared ownership home)
- Your income is sufficient to cover the mortgage (if applicable), rent and service charges
- Your chosen Shared Ownership property is affordable and sustainable for you
If you are a serving member of the British Armed Forces, or have been honourably discharged in the last 2 years, then you will receive priority for buying a home through Shared Ownership.
Please note that if you are currently a home owner and want to buy with Shared Ownership, you will need to find a buyer for your current property before your application will be considered. We cannot accept applications from home owners.
If you can afford to buy the property outright without Government assistance, you will not be considered eligible.
Please contact us if you need further details or are unsure if you are eligible.
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