This week Theresa May has promised another £10 billion to further aid the Government’s Help to Buy scheme, it is estimated that this will help another 135,000 people onto the property ladder.
The further £10bn will be invested into the scheme between now and 2021 aiming to help more first-time buyers with an equity loan.
Since the scheme began it has already helped 130,000 borrowers, the Government scheme was launched in April 2013 and of those it has aided 81% were first time buyers.
Help to Buy equity loans are available to first-time buyers and existing homeowners looking to buy a new-build property.
The government will lend you up to 20% of the property’s value. You will need to put down a deposit of at least 5% and get a mortgage to cover at least 75% of the property’s value.
Although Help to Buy equity loans are interest-free for the first five years, after that, you will have to pay a monthly admin fee, which starts at 1.75% of the loan.
If you would like to discuss this, or any anything else, contact our advisers today on 01202 937444 or visit our other websites to speak to a mortgage broker in Reading or a mortgage broker in Bournemouth