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Government Help To Buy Scheme Explained

Help to Buy An Overview On A £200,000 Property 75% 20% 5% £150,000 £40,000 £10,000 STEP 1 STEP 2 STEP 3 75% Mortgage of 20% Equity 5% Deposit of £10,000 Loan of £150,000 £40,000 You will need a mortgage of up to 75% to cover the rest. This would equate to The scheme is open to first time buyers and The Government give you a loan for up to 20% of the price. This would equate to home movers on neW build homes in England up to £600,000. You need at least 5% of the property price as a deposit. This would equate to £10,000 on a £200,000 Property as shown in the example £150,000 on a £40,000 on a £200,000 £200,000 Property as shown in the example Property as shown in the example above. There are no loan fees above. Year 6 of ownership will see the equity loan fee of 1.75% of for the first 1-5 years of ownership on the equity loan. above. the loan value. Q&A Applicable To Do I Have To Any Property? Deposit Required? Equity Loan Fees? Be A First Time Buyer? No, this scheme is available to all, not just first time No, the scheme is Yes, 5% No fees Year 1-5. Year 6 1.75% of the only open to new build properties. loans value. After this the fees will buyers. increase every year. Hou Long Is There A Repaying The Equity Hou Does It Work? Will The Maximum Scheme Run? Loan? Purchase Price? The Government Must be paid back after 25 years or when you sell your home, amount will depend on the market value of The scheme was will lend you up to introduced on ist 20% of the value of Yes, £600,000. April 2013 and will run for 3 years. This will help provide your property through an equity loan, which can be repaid at any time or on the sale of your home. £3.5 billion of additional your home at that investment. time. Infographic created by House Buy Fast @HouseBuyFast ThbF Information sourced from House Buy Fast The Quick House Buying Company

Government Help To Buy Scheme Explained

shared by jonathanrolande on Feb 14
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In January of 2013 we released an infographic about the Government help to buy scheme. We’ve now updated our infographic and added some further information about the Help to Buy scheme.



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