About Help to Buy
Help to Buy is now available at Home X – making that new home purchase more affordable and helping you to achieve it sooner.
If you’re a first time buyer with a 5% deposit, and can get a mortgage for 75%, of the value of the home, you could get a Help to Buy equity loan to cover the remaining 20%.
Let’s say the new home you’d like to buy is valued at £285,000. You’ll need a minimum 5% deposit of £14,250, be able to get a mortgage of £213,750, with the rest being covered by the equity loan.
The loan is interest free for the first 5 years, then from year 6 the loan will have a 1.75% interest rate, rising by the Consumer Price Index (CPI), plus 2% each April. This must be paid back within 25 years, when you pay off your mortgage or on sale of the home, whichever comes first.
About Shared Ownership
Wondering if Shared Ownership is right for you?
Shared Ownership is a government-backed scheme, designed to make stepping onto the property ladder more affordable.
You’ll start by buying a share in your property that’s between 35% and 75% of the full value, using a combination of a mortgage and a deposit. You will then pay a subsidised rent on the share you don’t buy.
In the future, if your circumstances change and you’d like to, you can purchase more shares in your home, right up to 100%. As your share increases, the rent you pay decreases.
Affordability and eligibility criteria applies. You can find out more at www.optivosales.co.uk/guides/shared-ownership