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Many of you may already be aware of the Help to Buy scheme that was introduced back in 2013 that aims to help those struggling to save money get onto the property ladder, or to move home. However, it’s a myth that all Help to Buy schemes are for first time buyers only.

With as little as a 5% deposit, the Help to Buy Equity Loan will allow you to borrow 20% of the purchase price, interest-free for the first five years. In the sixth year, you will pay 1.75%, rising annually by the increase (if any) in the Retail Price Index (RPI), plus 1%. For those in the London area, you can borrow up to 40% of the purchase price.  

So if you’re pondering over how you might be able to afford your next move, it’s worth reading the rest of this article that looks at the Equity Loan in more depth.   

Help to Buy Equity Loans

Who is it for? Homemovers and first time buyers

What is it for? New build homes only

When does it end? 2020

Perhaps your current home hasn’t gone up in value enough to fund the deposit for your next move, or perhaps the price jump between your current home and the new house you want to move into is too high. In which case, the Help to Buy Equity Loan might be just what you need.

The Help to Buy Equity Loan is excellent for those looking to move home into a new build property that is no more than &600,000 (&300,000 in Wales), but who are struggling to find the funds for a deposit.

So if you already own a small property and are looking to move up the ladder and into a new build, the Equity Loan could give you the boost you need to help get you to where you want to be, without having to wait and build up your savings first.

Finding the deposit is still the largest challenge many buyers are faced with, and since the scheme started, almost two in ten applicants are already existing homeowners in need of that extra boost to move them up the housing ladder.  

Why speak to a mortgage broker?

If you’re saving hard to secure your deposit for your next home, then you could be a lot closer to moving than you think. To learn more about the ins and outs of the Help to Buy schemes, Mortgage Advice Bureau can help.

Not only can our trusted advisers explain exactly how the scheme works but we also have access to over 11,000 different mortgage products from 90+ lenders, so you aren’t restricted in the options that are available to you.

Let us take the hassle away from you and get in touch today to arrange an appointment with one of our expert mortgage advisers. 

Article credited to Mortgage Advice Bureau

Are you thinking about packing up your family home and finding somewhere smaller to live? 

Here, the NAEA Propertymark offers advice to make the process a little easier:

Planning is key – Packing your home into boxes can be a real chore, particularly when you are moving to a smaller property, but planning well in advance can make it easier. Think about where you will unpack your belongings and in which room each box should be placed. If you haven’t got it all sorted ahead of the move then just make sure you label all your boxes clearly.

Be realistic about what you can take – Downsizing is your chance to have a spring clean and focus on exactly what you want in your new home, as well as what you don’t. You may have furniture which is too big for your new home. Think ahead and make sure you have taken proper measurements of your new property.

Maximise space – Your new home might have less elbow room, but think carefully about the layout and look at ways you can get the most out of the space available. Often if a house has been occupied for some time, the owners may have used a bedroom for storage or a study.

Set up your utilities – For any move, check with the estate agent and get the details of the previous utility providers so you can call them to set up new accounts. Also, make sure that your phone and broadband services are ordered prior to moving in because these often take a number of weeks to become active.

Ask a professional – Often the easiest way of getting the most up-to-date information that you need about moving home is to consult a respected, local professional. Agents who are members of the NAEA Propertymark, which means they are experienced, qualified and licensed, can be found here. A professional agent can be invaluable during the moving process.

Content provided by OnTheMarket.com is for information purposes only. Independent and professional advice should be taken before buying, selling, letting or renting property, or buying financial products.

Article credited to OnTheMarket.com