It can be a real challenge to get onto the property ladder. However there is help on hand with the Help to Buy scheme.
There are two parts to the scheme – the Help to Buy equity loan and the Help to Buy ISA which the Governments tops up by 25% when you come to buy your house.
Initial Telephone Discussion
This scheme is only available on new-build properties that have a purchase price of up to £600,000. It is available to both first time buyers and existing home owners, but the property you buy must be your only residence and is not available to buy to let investors.
You only need a 5% deposit and the government will lend you up to 20%. You will need to apply for a mortgage from a commercial lender for the remaining 75%.
For the first five years you will pay no interest, but after that it will cost 1.75% of the outstanding balance each following year.
A Help to Buy Individual Savings Account (ISA) is a high-interest savings account available for people buying their first property and is available at most high street banks and building societies.
You can earn up to 2.53% interest tax-free and then the Government will add 25% free cash on top of what you save providing you and the property you purchase meet the qualifying criteria
You will need to make an initial deposit of £1,000. After that you can deposit a maximum of £200 a month.
The ISA can be used for a property with a full market value of up to £250,000 or up to £450,000 in London.
Zoë is a Solicitor experienced in advising Help to Buy clients and completing first-time property and shared ownership transactions.
At Phillips our charges are transparent and we quote for all fees and disbursements up front, meaning that you will understand the full extent of your conveyancing charges from the very start.
How to get in contact
Our Residential Property Solicitors are on hand to provide expert advice and assist you wherever you are based. Please call us for a no-obligation, initial discussion on 01256 460830 or email [email protected].
Our offices are based in Basingstoke and we assist clients across the country.
We aim to keep legal jargon to a minimum and guide you through the process in a manner that is easy to understand.
Our highly-skilled solicitors offer tailored, strategic solutions to even the most complex matters, ensuring you receive the guidance and support you need.
We will be by your side throughout every stage of the process and will provide you with regular updates and advice along the way.
We communicate thoroughly with you from the outset to ensure that we fully understand your individual needs. This allows us to accurately quote for your matter leaving you without any unexpected surprises and fees further down the line.
We provide our clients with a concise and transparent breakdown of costs from the outset of the matter and throughout any subsequent stages. This enables you to build faith and trust in us early on to form a lasting relationship.
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