IMS are the only mortgage broker in Bicester to be listed as a recommended financial advisor in Oxfordshire for Help to buy.
With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
Example: for a home with a £200,000 price tag
Help to Buy: Equity Loan scheme Example
If the home in the example above sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.
IMS are the preferred mortgage advisors for many shared ownership companies and housing associations in Oxfordshire, Buckinghamshire and Northamptonshire.
Shared ownership means that you purchase a share of a property, typically between 25% and 50% the remaining share is owned by the housing association and you pay rent on this portion.
Shared ownership is available on most new build sites, second hand properties sometimes come to market and now there is a new scheme available through http://heylohousing.com where you can purchase a second hand home with the help of shared ownership.
For any advice relating to help to buy or shared ownership please call IMS on 01869 248339 or email firstname.lastname@example.org
Help to Buy – London
To reflect the current property prices in London, from February 2016 the Government is increasing the upper limit for the equity loan it gives new home-buyers within Greater London from 20% to 40%. See more at: https://www.helptobuy.gov.uk/equity-loan/equity-loans/#sthash.uvpr8XS7.dpuf