Equity loans are also available for existing homeowners looking to move or upsize. You can apply for the Help to Buy Equity Loan scheme, but you will need to have a sale in place before you can make a reservation. Your Help to Buy Equity Loan home must be your main residence; you cannot use the scheme for a Buy-to-Let investment.
If the home in the example above sold for £350,000, you would get £210,000 (60%, from your mortgage and the cash deposit) and you would pay back £140,000 on the loan (40%). You would need to pay off your mortgage with your share of the money.
You won’t be charged loan fees on the 40% loan for the first five years of owning your home.
Aldermore, Bank of Scotland, Barclays, Halifax, Leeds, Lloyds, Nationwide, NatWest, Newcastle, Royal Bank of Scotland, Santander, Teachers,
TSB and Principality offer London Help to Buy.
London Help to Buy equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000.
You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you complete your new purchase with London Help to Buy.
Our dedicated New Homes division have hundreds of brand new homes for sale across South London and Kent on Help to Buy, visit acornnewhomes.co.uk for more information.
Our dedicated Help to Buy expert, Alex can see if you’re eligible and guide you through the entire purchase from start to finish. Get in touch today and see how we can assist you with your move.
*Based on a 1.39% 2 year fixed rate. Total monthly cost based on a 25 year repayment basis.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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