Help to Buy
Buying your first home, especially in London, has never been harder than in recent years. To try and help people get their foot on the property ladder the Government offers a Help to Buy scheme offering various financial assistance to first time buyers.
Bolt Burdon’s specialist lawyers can assist you with buying your first home through the Help to Buy scheme, as a firm we are fully registered with Help to Buy and are approved to deal with the loans.
There are different schemes available that we have experience of and qualified to help you with:
Equity Loan – You can get a low interest loan towards your deposit, in order to be eligible the new home must:
- be a new build
- have a purchase price of up to £600,000 in England (or £300,000 in Wales)
- be the only one you own
- not be sub-let or rented out after you buy it
If you are buying with an equity loan:
- you need a 5% deposit
- the Government will lend you up to 40% (up to 20% outside London)
- you need a mortgage of up to 75% for the rest (up to 55% in London)
Help to Buy ISA – If you’re saving to buy your first home, the Government will top up your savings by 25% (up to £3,000). If you’re buying with someone else, they can also get a Help to Buy ISA. You don’t have to pay it back and you can use the scheme together with an equity loan.
To use the ISA the home you buy must:
- have a purchase price of up to £250,000 (or up to £450,000 in London)
- be the only home you own
- be where you intend to live
As part of looking after your purchase we will liaise with the Help to Buy scheme to deal with the loan requirements and the draw down of funds for the completion.
For more information on Help to Buy or if you have any questions please contact the team by email, click here.