Help to Buy Mortgage Advice in Leeds
Help to Buy Mortgage Advice by Leedsmoneyman
Help to Buy: Equity Loan
– Open & Honest Mortgage Advice in Leeds
We are available 7 days a week until late to answer your questions about help to buy mortgage advice and/or the home buying process. Often, getting a mortgage for the first time, or if you haven’t moved in a while, can be daunting and can scare you.
Please don’t worry, we’re friendly and very experienced, you’ll be in safe hands with us!
The video below is from the Helptobuy.gov website and explains the Help to Buy Scheme well …
Q. How does the Help to Buy: Equity Loan Scheme work?
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.
Example: for a home with a £200,000 price tag
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 the loan (20%). You’d need to pay off your mortgage with your share of the money.
For more information (including advice on fees and paying back your loan) please download our Help to Buy Buyers’ Guide (PDF).
– See more at: https://www.helptobuy.gov.uk/equity-loan/equity-loans/#sthash.bKMiSYhA.dpuf
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