There are several schemes available to would be home owners at present, all aimed at making a home of your own more achievable.
One option is the government backed scheme offering the purchaser a 20% equity loan. This 20% loan does not attract interest for the first five years making the purchasers monthly loan repayments more affordable. With a 5% deposit from your own savings and a 75% mortgage from a high street lender, the balance of the purchase price comes from the government.
This scheme is available to first time buyers and existing home owners alike, but the property must be newly built and cost no more than £600,000.
Some well known lenders also take part in the Mortgage Guarantee Scheme which is another option available allowing lenders to offer a higher loan to value and so making that dream home a little more achievable.
Information on all types of help to buy schemes is readily available on-line or from a member of our conveyancing team at anyone of our branch offices. Why not give us a call?
For further information on help to buy schemes contact one of our offices in Boston, Lincoln, Grantham, Sleaford, Spalding & Newark or contact Lorraine on 01529 301300.