Top up your deposit with a 20% Interest-Free Loan. Since the introduction of the Government’s Help to Buy Mortgage scheme back in 2013, to the increase, the number of First Time Buyers in Leeds starting to climb the property ladder. We’re very knowledgeable in this area, with experienced Mortgage Advisors in Leeds who are always happy to answer your questions regarding this Scheme.
The video below is from the Government Help to Buy website and explains the Help to Buy Scheme in a simplified manner.
With a Help to Buy: Equity Loan, the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
If the home in the example above sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on loan (20%). You’d need to pay off your mortgage with your share of the money.
We take a great deal of pride in the service we provide to our customers as we take them through the process. We aim to go above and beyond for our customers, please get in touch to see if you qualify for the scheme or apply then and speak with one of our experienced mortgage advisors in Leeds today.