Help to Buy London
The 2015 Autumn Statement saw the government promise to help those struggling to buy their first home.
Basically Help to Buy London is a London-tailored extension of the existing Help to Buy initiative.
Help to Buy Equity Loans are already open to both first-time buyers and home movers on new build homes in England with a purchase price up to £600,000.
The extension of the existing Help to Buy scheme basically doubles the amount of equity loan which can be applied for to but an abode in the nation’s capital city, from 20 per cent of the property’s value up to 40 per cent.
With London Help to Buy equity loan borrowers will need to contribute at least 5 per cent of the property price as a deposit and the government will give a loan for up to 40 per cent of the price.
This loan remains interest-free for the first five years, but after that buyers will owe interest to the government on the loan.
This guide will tackle the pros and cons of Help to Buy London, alternative ways to step onto the property ladder in the nation’s capital city and the potential impact on house prices inside the M25.
To make a Help to Buy London Mortgage Enquiry - Click Here