Availability
OPEN MARKET HOMES, AVAILABLE IN BLOCK B, SHOWN BELOW.
OPEN MARKET HOMES, AVAILABLE IN BLOCK B, SHOWN BELOW.
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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.
Shared Ownership is a great way for first time buyers to get into home ownership. You’ll start by buying from 35% up to 75% of a home, and pay a subsidised rent on the remaining part you don’t buy from us. The bit you own is called a share.
For example, if you buy 40% of a home valued £300,000, you’ll typically need a 5% deposit of £6,000, get a mortgage for the rest of the share value, and pay rent on the remaining 60%.
In the future, whenever you can afford to do so, you can buy more shares to increase what percentage you own, right up to 100%. This is called staircasing. The more you own, the less rent you’ll pay.
Eligibility criteria applies. For more information, please register with us and a member of our team will be in touch.