Help to Buy
A selection of Water Meadow Place homes are now available with Help to Buy; a government-backed initiative for both first-time buyers and existing homeowners, designed to help people get on or move up the property ladder.
How does it work?
1) The buyer puts down an initial 5% of the property purchase price as a deposit.
2) The government then lends you up to 20% of the property value in addition to your deposit.
3) This equity loan is interest-free for the first five years after which there is an interest charge applicable. Speak to a financial adviser for more details.
4) With this 25% deposit in place, the buyer then applies to get a 75% mortgage from a bank or building society.
1) The property bought must cost £600,000 or less.
2) This home must be your only residence, so if you’re an existing home owner you will need to have sold your home before completing a purchase at Water Meadow Place.
3) The scheme isn’t available for buy-to-let investors.
What are the Benefits?
1) Using Help to Buy means you only need to save for a 5% deposit.
2) You may also benefit from a better mortgage interest rate as you only have a 75% mortgage to pay.
3) You can borrow up to 20% of the property value interest free for five years.
4) You may be able to buy your new home sooner than you thought.
Speak to one of our financial advisors for more information on how Help to Buy works and your eligibility.
You can also find out more at www.helptobuy.gov.uk