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.
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