Blog by Lucinda Holt
Help to Buy brings your dream home closer
The Government’s Help to Buy scheme makes it easy to get on the property ladder by making your perfect dream home affordable.
In Preston, buyers will be able to move into their new home this January with just a £7,125 deposit* & a £500 reservation fee at The Union Lofts – a collection of 18 genuine loft apartments in the heart of the city.
The Help to Buy team in the North West know that moving home can be a daunting prospect for many, whether first time or third time buyers.
Help to Buy exists to help purchase a house or apartment – with 120,000 so far successfully using the scheme to secure their new home.
And yet there are still some misconceptions about how the scheme works, with some people assuming they are not eligible for the scheme.
The Help to Buy Equity Loan is exclusive to new build homes, such as The Union Lofts, and the Government will lend up to 20% of the property price, with the buyer paying a 5% deposit, and the remaining 75% of the cost taken out as a mortgage.
In this case, nothing needs to be paid back on the Government loan for five years, but mortgage repayments start immediately.
Help to Buy Scheme is there for everyone, no matter where they are on the property ladder.
All buyers will be eligible for the equity loan as long as they are able to obtain a standard mortgage and provide the 5% deposit for a new build home up to the value of £600,000.
The Help to Buy Scheme differs from previous Government initiatives in that there is no cap on earnings and so everyone is eligible to apply.
At The Union Lofts in Guildhall Street, spacious loft apartments start from £105,000 rising to £250,000 for a three bedroom apartment.
The developer Etc Urban is working with David Arstall from Bailey Financial Services, a fully independent and 100% privately owned mortgage advisor established in 1994 in Preston.
*Based on Apartment #9 with a purchase price of £142,500 & Help to Buy