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With a deposit as low as 5%, Help to Buy gives first-time buyers the chance to take their first step in the property market.

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Help to buy

Since becoming available in 2013, the Help to Buy model has evolved. Here at PLS, many of our customers are utilising the service to take advantage of a larger deposit when looking to buy their new property. Help to Buy is the government’s scheme that offers buyers an equity loan they can use to help to buy a new build home. The scheme essentially allows buyers to purchase a property with a 5% deposit and receive a loan for up to 20% of the property value, which will be interest free for 5 years. You must then take out a standard mortgage for the remaining 75%. In London, the Help to buy maximum equity loan is increased to 40% of the property value.

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Shared Ownership Advice

Shared Ownership provides an opportunity to purchase a share in a new build or resales property and is an alternative to renting and to those who are unable to buy on the open market.

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Help to Buy Advice

Help to Buy is a government-backed scheme offering purchasers an equity loan to purchase a new build home, requiring only a 5% deposit.

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What is Help to Buy?

Help to Buy is the government’s scheme that offers buyers an equity loan they can use to help to buy a new build home. The scheme essentially allows buyers to purchase a property with a 5% deposit and receive a loan for up to 20% of the property value, which will be interest free for 5 years. You must then take out a standard mortgage for the remaining 75%. In London, the Help to buy maximum equity loan is increased to 40% of the property value.

The scheme currently only includes new builds. The new scheme in April 2021 will make Help to Buy only open to first time buyers and we understand currently that the government plans to completely end the scheme by 2023.

What are the practicalities of the scheme?

Help to buy gives those struggling to find an acceptable deposit an extra helping hand. Once a buyer has reached a minimum of 5% for a deposit on their own, the government then provides an equity loan for up to 20% of the property value which goes up to 40% for properties in London. This provides much needed help to first time buyers looking to purchase their first property.

How do people pay back the loan?

The best thing about the Help to Buy loan is that you don’t have to pay anything back for the first 5-years. After that, the loan is subject to an additional interest fee of 1.75% per annum on the outstanding amount then rising each year by the increase in RPI plus 1%. Please ensure that you have obtained specialist financial advice from a mortgage broker before you decide to proceed with the Help to Buy or any other shared equity scheme.

Anything else to think about?

The scheme is available in England and Wales, although the process in Wales is slightly different. How much you can spend on a new property will depend on where in the country the property located. The Government set a price cap on the amount that you can spend under the scheme. So, for example in London, the maximum purchase price is £600,000. This is a scheme managed by the Homes and Communities Agency, so it’s another body that will have an interest in your mortgage. This can make the administration slightly more complex on the solicitor’s side, and there will also be additional legal fees which are payable.

For 24/7 updates on your case see the PLS Portal.

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A very proactive service with regular communication and updates on progress, a very accessible team who are willing and able.

Justine

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