The Government’s Help to Buy scheme is aimed at encouraging more first time buyers to step onto the property ladder and for existing home owners to move up the ladder. This is particularly good news for buyers with small deposits (5% or over).
Equity Loans on New Builds
This began in April 2013 and allows purchasers of certain new build properties valued up to £600,000 to borrow up to 20% of the property’s value from the Government. You will require your own deposit of between 5% and 20%. These loans are interest-free for the first five years, after which, you will have to pay a monthly administration fee of 1.75% of the loan. Please note terms and conditions apply.