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Help to buy scheme 2013 & January 2014 (updated)
 

Help to buy scheme 2013 & January 2014 (updated)

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The government recently announced the launch of ‘Help to Buy’ in the recent budget – its new initiative for homebuyers. ...

The government recently announced the launch of ‘Help to Buy’ in the recent budget – its new initiative for homebuyers.

It has been designed to support those who have a five per cent deposit buy their first home or move up the property ladder, improve the availability of new homes and increase the supply of low-deposit mortgages.

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    Help to buy scheme 2013 & January 2014 (updated) Help to buy scheme 2013 & January 2014 (updated) Presentation Transcript

    • Help to Buy Scheme 2013 What home buyers need to know #Budget2013
    • Help to Buy Scheme 2014 The Help to Buy mortgage guarantee scheme will be available from 1 January 2014, and applies to both newly built and existing homes.
    • George Osbourne, Chancellor of the Exchequer announced two measures in his 2013 Budget that he describes as making the “aspiration of a reality for more people across the country”. home ownership
    • The Help to Buy scheme will “support people who have at least a 5% deposit” to buy a home through two schemes and the aim of this is to increase the supply of low-deposit mortgages and new housebuilding. Both schemes are designed to help home buyers purchase a home with a maximum value of £600,000.
    • Option 1: Equity Loan
    • Is it applicable to any property? No, just only Deposit required? Yes, minimum of 5% Do I have to be a first time buyer? No, this scheme is available to all, not just first time buyers How does it work? The Government will lend you up to 20% of the value of your property through an equity loan, which can be repaid at any time or on the sale of your home…so you will only need to secure up to a 75% mortgage from a bank or building society When does it start? The scheme is available from 1 April 2013. It will run for 3 years and provide £3.5billion of additional investment new build
    • Option 2: Mortgage Guarantee
    • Is it applicable to any property? New build and existing homes Will I need a deposit? Yes, you’ll need a minimum of 5% Is it only open to First Time Buyers? No, it is also open to existing homeowners How does it work? You’ll need to secure a mortgage for your purchase. The Government guarantee should help encourage lenders to offer better access to low- deposit mortgages When does it start? Available from January 2014, this scheme will run for 3 years Is there a maximum purchase price? Yes, £600,000 Source: HM Treasury
    • More from the Zoopla Blog at: http://blog.zoopla.co.uk/