HELP TO BUY: THE KEY POINTSBy Cotswold Financial Planning.
www.CotswoldFinancialPlanning.co.uk
Help to Buy:
•Help to Buy Equity Loans.•Shared Ownership.•NewBuy.
1. Help to Buy Equity Loans
Available to first-time buyers and movers to a new-build home worth
a maximum of £600k.
How Does it Work?
It is extremely simple!...
• Contribute a minimum of 5% of the property cost.• Receive a government loan for a maximum of 20%.• Arrange a mortgage of 75% to account for the rest.
Any Fees?• There are no loan fees for the first five years
of your home ownership.• 1.75% of the loan value will be added in the 6th year, and the fee will increase every year
thereafter.
2. Shared Ownership
• Provided via Housing Associations.• Purchase a share of your home, between 25% and 75%, and pay rent on the remaining share.
• Acquire a mortgage to cover your share of the home’s price.
Are You Eligible?
• Your household needs to earn £60k or less.• You can be a first-time buyer, or somebody who
formerly owned a property but can no longer afford it.• You rent a Council / Housing Association property.
3. New Buy
New Buy allows you to acquire a brand new home with only a 5% deposit on the purchase price.
Are You Eligible?
You home must be:
• New build• £500k or less• Your number one home (not a second home)• Owned by you (not shared ownership)
You don’t necessarily need to be a first time buyer!
For More Information…
Talk to Cotswold Financial Planning.
We can help you get the most from these schemes, and advise you on the best approach.
Visit: www.CotswoldFinancialPlanning.co.uk
Or call: 01608 651608
