Following the recent changes to stamp duty and many competitive mortgage products, now is the perfect time to buy. And, with Help to Buy, it’s even easier!
The Government-backed equity loan scheme means that you could move into your new MY360 with just a 5% deposit.
Help to Buy makes it less risky for lenders to offer a mortgage to a borrower with only a 5% deposit. Which means you should get a much more favourable interest rate than previously available with a small deposit.
Mortgages under the Help to Buy scheme works like any other. The lender will still do their affordability checks and ensure that you meet the following criteria before making a mortgage offer:
• The property must be a new build
• You can’t own any other property anywhere in the world while you’re under the Help to Buy scheme
• You can’t Let the property out to someone else; it must be your place of residence
• The mortgage can be taken out by an individual or more than one person, but not by a company
• You can’t use Help to Buy with any other Government scheme
• Help to Buy can be used in conjunction with any offers that MY360 Living have
• The amount that you borrow to pay for the remaining 75% of the MY360 home must be less than 4½ times your income
What happens if I sell my Help to Buy home?
If you sell your MY360 home, you will need to repay the percentage that you received against the price that you sell your house. So, if you received 20% Help to Buy, you will owe the Government 20% of the final sale price of your house.
Your home will be valued by an independent valuer and your home must be sold on the open market.
If you have already paid back your equity loan, then there will be nothing else to pay back to the scheme.
*Help to Buy (England and Wales) purchasers are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Eligible applicants will be offered an equity loan of up to 20% of the market price, interest free for the first five years. At the start of year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%. Please note Help to Buy charge £1 a month from outset as a management charge. Terms and conditions apply and full details will be provided on request. This offer is subject to status and not offered with any other promotion. Only available on Keepmoat properties in England up to £600,000. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.