Help to Buy Scheme

Who can benefit from Help to Buy?

Help to Buy is available to both first time buyers and existing home owners alike and means you can buy a new home with a low 5% deposit.

• If you’re a first time buyer raising a large deposit to purchase your first home can be a struggle. With Help to Buy you’ll need to save just 5% deposit to get a mortgage, so you could purchase your first home sooner than you thought.
• If you’re an existing homeowner, you can use Help to Buy to trade up to a bigger property - even if you have limited equity in your current home, because you only need 5% deposit to move.
• A Help to Buy interest free equity loan is exclusively available on new build properties. The equity loan could reduce your mortgage repayments, making this an affordable option. Help to Buy is available on selected new build homes in  England worth up to £600,000.

Help to Buy ISA

Who can benefit from a Help to Buy ISA?

This means if you are a first time buyer and you save up to £200 a month towards your first home, the Government will boost your savings by 25%. That’s a £50 bonus for every £200 you save, meaning you could receive a bonus of up to £3,000 to help you buy your first home. New accounts will be available for 4 years, but once you have opened an account there’s no limit on how you long you can save for. Accounts will be available through banks and building societies from Autumn 2015

You can make an initial deposit of £1,000 when you open the account – in addition to normal monthly savings. There is no minimum monthly deposit – but you can save up to £200 a month.

Accounts are limited to one per person rather than one per home – so those buying together can both receive a bonus!

Help to Buy ISAs are only available to individuals who are 16 and over. The bonus is available to first time buyers purchasing UK properties with a minimum bonus size of £400 per person / maximum bonus size of £3,000 per person

The bonus will be available on home purchases of up to £250,000 locally and is paid out upon the purchase of your first home.

NEW BUILD HOMES 

If you have always fancied owning a new build home, designed around your own specifications, then Chadwicks Estate Agents may be able to help. Our team has access to local developments, planned or underway, in your neighbourhood that are willing to offer deals to our customers.

Purchasers of new build properties can take advantage of the Government’s ‘Help To Buy’ scheme providing a welcome top up for buyers with a 5% deposit to invest. Standard checks apply but the scheme is open to all purchasers (first time and secondary) looking to secure a new build property. Please ask our team for more details.

New build homes may be a good option if you are considering a purchase offering long term peace of mind and freedom from ongoing home improvements. Quality developers offer build warranties providing protection against problems and unexpected costs for several years. When purchasing a new build home, you will be invited to adapt the interior to reflect your own personal style (though additional costs may apply). New home purchases are chain free and often benefit from shorter conveyancing times.