A family-run firm providing face to face advice
Carol Mitchell Financial Services Ltd
2019-06-27T14:01:47+00:00
A family-run firm providing face to face advice
Covering all aspects of property-related lending
Carol Mitchell Financial Services Ltd
2019-06-27T14:02:08+00:00
Covering all aspects of property-related lending
Providing lifestyle and income protection cover
Carol Mitchell Financial Services Ltd
2019-06-27T14:02:25+00:00
Providing lifestyle and income protection cover
0
0
Carol Mitchell Financial Services Ltd

Help to Buy

There are a few Government backed Schemes, to help you buy a home. These include Help to Buy, Shared Ownership & Affordable Housing. With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.

You won’t be charged loan fees on the 20% loan for the first five years of owning your home.

Example: for a home with a £200,000 price tag.

Help to Buy: Equity Loan scheme Example

If the home in the example above sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.

Copyright © 2024 Carol Mitchell Financial Services Ltd