5% depositum Scheme,,en,depositum Scheme,,en

Den 5% Deposit scheme has revolutionised the housing market by bridging the gap between what you can afford and the price of your desired house or apartment. The scheme is applicable to new properties (apartments or houses), up to value of £600K in England.

What is

Den 5% Deposit scheme?

It’s a initiative offering support to first time buyers looking to secure a home, men der kæmper for at rejse en indbetaling,,en,Det gælder også for personer, der flytter op ejendommen stigen,,en,Fordele,,en,Du skal bare kræver et depositum på,,en,Regeringen vil give dig en,,en,Egenkapital lån inden for større London,,en,uden større London,,en,rentefrit for de første fem år,,en,Med en højere depositum kan du nyde fordelene ved en konkurrencedygtig lån sats,,en,Nedenfor er en illustration hvordan ordningen fungerer i London,,en,Baseret på en ejendom med pris et tag på £ 400K,,en,Med så lidt som en,,en,depositum og en regering ansvarlig lånekapital på,,en,af købsprisen,,en. It is also applicable to people moving up the property ladder.

Benefits

  • You just require a deposit of 5%

  • The scheme will give you a 40% Equity loan within greater London (20% outside greater London) – interest free for the first five years

  • With a higher deposit you can enjoy the benefits of a competitive loan rate.

Below is an illustration how the scheme works in London – Based on a property with price a tag of £400K:

400k-help-til-buy-2

With as little as a 5% deposit and an equity loan of 40% of the purchase price, du kan realisere drømmen om at eje dit eget hjem i London,,en,og med renten på et historisk lavt dette er det bedste tidspunkt at købe,,en,Den medfølgende lånekapital Regeringen tiltrækker ingen interesse for de første fem år, der er ofte en tid, hvor husholdningernes økonomi er stram,,en,Efter,,en,år lånet tiltrækker interesse på,,en,Derfor ved hjælp af ovenstående eksempel, hvorved ansvarlig lånekapital var £ 160K,,en,efter,,en,år renten på lånet ville være,,en,PA,,sl,for hvilke betalingerne vil være £ 233 per måned,,en,Uden ansvarlig lånekapital,,en, and with the interest rates at an all-time low this is the best time to buy.

The equity loan attracts no interest for the first five years which is often a time when the household finances are tight. After 5 years the loan attracts interest at 1.75%.

Therefore using the above example whereby the equity loan was £160K, after 5 years the interest on the loan would be 1.75% PA, for which the payments will be £233 per month.

Without the equity loan:

400k-help-til-buy

You would need to find a minimum deposit of 15% (subject to your credit status) instead of 5%, i.e. £60K Instead of £20K for a property with a price tag of £400K.

The loan will be £340K instead of £220K and the mortgage monthly payment will be correspondingly higher.

As most lenders criteria for a mortgage dictates that you can only borrow up to 4.5 times your salary or joint salary, you will need a total income of at least £80K per annum.

How can we help?

  • We will manage the whole process from initial enquiry through to completion.

  • We liaise with the equity scheme managers in regards to your application process

  • Source your property via our portfolio of approved developments.

  • Our team of skilled Brokers, accountants help you obtain your mortgage.

  • Finally, we supply you with the best and most reasonably priced conveyancing lawyers.

Who is eligible?

To qualify you must:

  • be 16 or over

  • have a valid National Insurance number

  • be a UK resident

  • be a first time buyer, and not own a property anywhere in the world

  • not have another active cash ISA in the same tax year.

Help to Buy: ISA flowchart
To qualify, the property you are buying must:

  • be in the UK

  • have a purchase price of up to £250,000 (or up to £450,000 in London)

  • be the only home you will own

  • be where you intend on living

  • be purchased with a mortgage

 

Don’t miss out, call for an appointment to discuss how we can assist you.