Help to Buy Scheme
Would I be entitled to use the Help to Buy scheme?
The government has been under increasing pressure recently to review the Help to Buy scheme as it has been brandished as the catalyst for the so-called ‘housing bubble’. It would be quite damaging if the Chancellor was to turn his back on the Help to buy scheme now. This is because so many first time buyers have now got a foot up on to the housing market across the UK.
Official figures from the Department of Communities and Local Government have announced that approximately 74 borrowers are purchasing a house through Help to Buy on a daily basis.
Specialist Contractor Mortgages
The Help to Buy scheme has enabled many prospective buyers who have been stuck on the sidelines of the property market. This is because they are unable to put together the necessary deposit. The average deposit put down by a borrower on the Help to Buy scheme was £13,031 in April. This compares to the average deposit of £61,325 from a buyer not using the scheme.
As a Contractor you too can benefit from this excellent scheme. There are certain criteria to meet in order to qualify. Equity loans are available to both first time buyers and home movers on new build homes in England. This is for a purchase price up to £600,000.
Who Is Eligible?
However, you would not be eligible if you already own a property. Also, you cannot sub-let the property. You require a 5% deposit. The Government will give you a loan up to 20% of the price. You will need to obtain a mortgage to cover the remaining 75%.
Please click on Specialist Contractor Mortgages. Then fill in the contact form for further details of the Help to Buy scheme rates. They’ll give you the current Halifax free valuation offer.