help to buy scheme

BarclaysBarclays to launch into Help to Buy 2 next Tuesday

The lender will offer two products including a three-year fix at 5.35% and a five-year equivalent at 5.49% from Tuesday 14 January.

Both products are fee-free and available up to 95% loan-to-value. A minimum loan size of 50,000 and maximum of £570,000 apply to both products.

The Help to Buy mortgages will be available through all channels, both direct and intermediary, and the products will be available on new build and existing properties. Only house purchase loans will be accepted by Barclays.

To find out more about Help to buy and for a personal illustration, please give one of our qualified advisers a call or email us via “Contact Us” page with your requirements.

 

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 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

 

Mortgages
life insurance
home insurance
equity release

We offer whole of market advice for all types of customers, whether you are a first time buyer, home mover or looking to purchase a buy to let property. Being independent we are able to offer impartial advice from the whole of the market to ensure you get the product that suits your financial needs.

Whether you are looking to protect your mortgage payments or your family, we provide independent advice for life insurance, critical illness cover and income protection from a wide range of providers.

Buildings Insurance is a requirement when you complete on a mortgage the cover is to provide security to the lender, the insurance covers the main structure of your home. It will cover you for subsidence, storm, flood, fire or smoke damage and cover the costs of rebuilding or repair.

Equity release is a way of releasing cash from your property, either through selling a percentage to the reversion company or taking a mortgage on it, while allowing you, the homeowner to continue living there as long as you wish.