17 May, 2017 by
The process of buying a property is certainly a daunting one especially if you’re a first-time buyer. If the idea of saving a deposit is keeping you awake at night, or you’re struggling to make that move up the property ladder, the Government’s Help to Buy scheme may help put your mind at ease. The scheme, launched in 2013, has helped thousands of people across the UK to buy a home and in many cases, get their feet firmly on the first rung of the property ladder.
At Michael Hardy, we are offering 12 beautiful newly built homes in the Emmbrook Place development in Wokingham. Here, you’ll find a range of both three and four bedroom properties available to purchase through the Help to Buy scheme. Built to a high standard, these properties are finished and available for immediate occupation on completion of the sale.
To give you a little more detail about the Help to Buy scheme, we’ve rounded up the key points:
What is the Help to Buy scheme?
Ideal for those who can sustain a mortgage but may struggle to save for the hefty initial deposit, the Help to Buy scheme allows for just a 5% deposit and it’s not just for first-time buyers, but for existing home owners too. This particular scheme is only available in England, but similar schemes are available in Scotland, Wales and Northern Ireland - check out their websites for more information.
How does it work?
The Help to Buy scheme works as an Equity Loan, which is available until 2020 on newly built homes. In simple terms, the Government can lend you up to 20% of the cost of your home, so you’ll only need a 5% cash deposit and a 75% mortgage. Sound appealing? Perhaps the most attractive part of the scheme is the fact that the loan is completely interest-free for the first five years of owning your property. When you sell your home, or the mortgage has been paid, you will need to repay the Equity Loan plus a share of any increase in the value.
Who is eligible for the scheme?
There are a few points to consider if you’re interested in applying for the scheme. Your new property must be a new build, and cost no more than £600,000. Although open to both first time buyers and homeowners, to be eligible you shouldn’t own any other property at the same time, or intend to let out the house or use it as a second home.
What should you take into consideration?
There’s no denying that the scheme is a great helping hand to those struggling to save for a deposit, but there are a few points to take on board before taking the plunge. Make sure the house suits you and your family’s needs and doesn’t just come into budget. There’s no point buying a house just because you can afford it, if it’s not right. Consider things like the size of the property and if you are planning to have children, will the house cope with a growing family?
How do you apply?
If all the above boxes have been ticked and you’re keen to get on board, the next step is getting in touch with a Government appointed Help to Buy agent who will be able to guide you through the process from start to finish.
Have any further questions about the Help to Buy scheme or our properties in Emmbrook Place? Feel free to contact us and we’ll be happy to help.