Help to Buy
What is Help to Buy?
Help to Buy is a Government-backed scheme which helps first-time buyers and existing Homeowners purchase a home with as little as 5% deposit.
Who is Eligible?
A mortgage under the Help to Buy: Equity Loan scheme works like any other mortgage.
To qualify:
- The property can be an existing or new build home in the UK
- Your mortgage must be a repayment one, not interest only
- You cannot let the property
- Cannot be combined with any other Government scheme
- The home must not exceed the value of £600k
Ways to purchase a property with Help to Buy & 108 Ventures
1. Equity Loan
The Help to Buy Equity Loan scheme is open to both first-time buyers and existing homeowners. There is no income cap for applicants and you can buy a new-build property with a value of up to £600,000. The scheme helps you to buy your home with an equity loan of up to 20% of the full price of the property. You won’t have to pay any interest charges on this loan for the first five years and you own 100% of your own home from the start.
2. Help to Buy ISA
If you are saving to buy your first home, save money into a Help to Buy: ISA and the government will boost your savings by 25%
3. Forces Help to Buy Scheme
The Forces Help to Buy scheme is designed to help Regular Service Personnel with the cost of buying a home.
For more information please contact the Joint Services Housing Advice Office on 01163182333 or e-mail: info@108ventures.co.uk