Help to Buy
GreenSquare Homes can offer Help to Buy on all of our new homes developments.
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. 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.
As well as your 5% deposit, there will be other costs to consider such as:
• Reservation fee
• Mortgage arrangement fees. This will vary depending on your financial advisor and mortgage lender
• Valuation fee, This is a requirement of your mortgage application
• Legal fees. Ask for details of recommended solicitors
• Monthly service charges, where applicable, these will vary from property to property
• Other monthly costs. Don’t forget about Council Tax, TV licence and utility bills, for example