London. The most expensive place in the UK to buy a property. There is no doubt that because of that, it needs its own designated blog. For people buying in London, there is plenty of help out there. Let’s take a look at some the ways buying in London can be made easier.
The governments help-to-buy scheme is up and running across the entire country, however from the 1st of February, there is now increased help for London buyers, so that the help reflects the current prices across the London property market.
An equity loan will be provided by the government, who will increase your deposit by up to 40%. Take a look at the following diagram from the governments website.
You can see that even a put down of a 5% deposit can give you a huge chance in buying your property. You won’t be charged loan fees on the 40% for the 5 years of owning your property.
The great thing is that this scheme is open to all first time buyers as well as homeowners looking to move. Here are a few of the main T’s and C’s:
You can also apply for more local help schemes, which can be found on local London help to buy websites. Bear in mind that the government is offering a 10-20% increase in its help to buy scheme for the rest of the country.
Second, let’s look at a government scheme that can help all of us. The help to buy ISA. An ISA is a type of profit making savings bank account. The government has created a specific type of ISA purely for people who are saving up to buy.
In simple terms this is how it works: for every £200 you save you get a £50 boost from the government. However, the maximum amount they will fund you is £3000.
Initially you have to have saved enough money to claim £400 from the government, so you need have £1,600 before you claim. Also, you can deposit a maximum of 1,200 in your first month.
If you need any advice around buying your property, or simply want to know more, don’t hesitate to contact our team on: 0116 2999 199 or email us on: firstname.lastname@example.org