September 25, 2023
help to buy london and isa
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.
<p>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.</p>
<p>The governments help-to-buy scheme is up and running across the entire country, however from the 1<sup>st</sup> of February, there is now increased help for London buyers, so that the help reflects the current prices across the London property market.</p>
<p>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.</p>
<p>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.</p>
<p>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:</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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: info@d-w-s.co.uk</p>
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