Monthly Archives: July 2013

Santander joins the Hep to Buy Equity Loan Scheme

Santander 1The new range is available as part of the government’s Help to Buy equity Loan scheme on new builds and includes a 3.29% 2-year fixed rate, a 3.49% 5-year fixed rate and a 3.29% 2-year tracker.

All products are available with a minimum 5% deposit and have no upfront booking fees plus free valuation and £250 cashback on completion.

Santander joining the government’s Help to Buy Equity Loan scheme will play an important role in helping both first time buyers and home movers looking to buy new build properties.

Santander’s Help to Buy range offers competitively priced products with no upfront booking fees, extending the affordable housing options we can offer to customers who have a deposit from 5%, where you can also choose from our range of New Buy and Shared Ownership ‘exclusive’ mortgages.”

Since launch Help to Buy has been an overwhelming success in the new homes market. Santander coming into this market will give more choice which in turn gives more options for customers.

For more information on Help to Buy, please call 01489 580020 or email us at info@parkgate.net with your requirements and we can provide you with the right advise.

The Help to Buy – equity loan scheme gives first time buyers and next time buyers the opportunity to purchase a new build home with the help of an equity loan guaranteed by the government.

Help to BuyYou buy a minimum 80% equity share and, as part of that, you’ll need to be able to provide a deposit of at least 5% of the property value from savings or from some other source (like a gift from a relative).

An equity loan of up to 20% of the property value will be provided through Help to Buy. It’s interest-free for 5 years. After that, you pay an annual fee of 1.75% on the amount of the outstanding loan. The fee will increase each year by inflation (Retail Price Index (RPI)) + 1%.

You can start repaying the help to buy equity loan after you’ve owned the home for a year, but you’ll need to be able to pay a minimum of 10% of the property value at the time of repayment.

When you want to sell your home, you’ll need to repay the percentage equity loan that is still outstanding. So, for example, if you originally bought 80% of the property and you hadn’t repaid any of your equity loan, your repayment on selling would be 20% of the market value at the time when you sell.

For more information, please call one of our qualified advisers for further information on 01489 580020 or via the “contact us” page with your requirements.

Am I eligible to buy a home through Help to Buy equity loans?

  • You must be at least 18 years old
  • There is no maximum household income level
  • You will normally require at least a 5% deposit of the full purchase price
  • You must take out a mortgage which will need to be for 25% or more of the full purchase price
  • If a home owner already you must have sold your current home before or at the point of completion on your Help to Buy home
  • You cannot rent out your existing property to buy a second home through Help to Buy
  • Part Exchange is not available through this scheme
  • You cannot sublet your Help to Buy home
  • You cannot buy a home on sale for more than £600,000
  • You must be able to prove you can afford the mortgage repayments and other outgoings on the home you wish to buy.

Call us on 01489 580020 and we can take you through the initial help to buy affordability calculator which will determine whether the property is sustainable long term.

Help to BuyHelp to Buy – The Government’s interest-free loan scheme has attracted thousands in just three months.

According to figures released by Department for Communities and Local Government, over 1,000 sales of new-build homes have gone through since the scheme was launched on 1st April, and a further 6,000 buyers have reserved properties, some yet to be built.

Housing Minister Mark Prisk said that the scheme, announced in the Budget in March before launching on April 1, had ‘captured the public’s imagination’.

The help to buy scheme passed the 4,000 reservations mark at the start of June, nearly 3,000 reservations have been made in the weeks since.

Prisk said: “With almost 7,000 help to buy reservations in three months, it’s crystal clear that the Help to Buy equity loan has captured the public’s imagination and is getting Britain building again, which will help achieve a long-term, stable housing market.

“So any credit-worthy buyer, whether a first-time buyer or someone looking to move up the property ladder, should contact a qualified adviser at park gate mortgages or call us on 01489 580020 and see if they could benefit from the scheme.”

The second stage of the Help to Buy scheme, the mortgage guarantee, is set to launch on January 1 2014.

imagesCAU3ZMDP90% First time buyers

A two-year fix for first-time buyers available at 4.49% up to 90% LTV or a  two-year fixed rate at 3.79% up to 85% LTV to all homebuyers and remortgagers.

For further details on 85% or 90% deals call us on 01489 580020 or email us at quotes@parkgate.net where we would be more than happy to provide you with a personal illustration.

Help to Buy

Help to Buy – Equity loans

The Help to Buy equity loan scheme gives you the opportunity to purchase a new build home with the help of an equity loan guaranteed by the government.

with hep to buy you purchase a minimum 80% equity share and, as part of that, you’ll need to be able to provide a deposit of at least 5% of the property value from savings or from some other source (like a gift from a relative).

An equity loan of up to 20% of the property value will be provided through Help to Buy. It’s interest-free for 5 years. After that, you pay an annual fee of 1.75% on the amount of the outstanding loan. The fee will increase each year by inflation (Retail Price Index (RPI)) + 1%.

You can start repaying the equity loan after you’ve owned the home for a year, but you’ll need to be able to pay a minimum of 10% of the property value at the time of repayment.

When you want to sell your home, you’ll need to repay the percentage equity loan that is still outstanding. So, for example, if you originally bought 80% of the property and you hadn’t repaid any of your equity loan, your repayment on selling would be 20% of the market value at the time when you sell.

For further details on Help to Buy please call park gate on 01489 580020 or email us at quotes@parkgate.net with your requirements

 

Bank of EnglandThe Bank of England’s Monetary Policy Committee voted to make no change to either the Bank Rate or quantitative easing. Therefore the Bank Rate still stands at 0.5% and the MPC opted to keep QE on hold at £375billion.

Since the May Inflation Report, market interest rates have risen sharply internationally and asset prices have been volatile. In the United Kingdom, there have been further signs that a recovery is in train, although it remains weak by historical standards and a degree of slack is expected to persist for some time. Twelve-month CPI inflation rose to 2.7% in May and is set to rise further in the near term. Further out, inflation should fall back towards the 2% target as external price pressures fade and a revival in productivity growth curbs domestic cost pressures.

http://www.bankofengland.co.uk/publications/Pages/news/2013/007.aspx