What is the Help to Buy scheme?20th February 2018
Help to Buy Loans may involve first time buyers and existing owners being loaned money to buy a newly built home to live in but the purchase price must be no more than £600,000 and buyers must have at least 5% to contribute towards the price. The loan would be no more than 20% of the purchase price and made by the Government. The remainder could be obtained from a mortgage lender such as a Bank or Building Society.
Help to Buy ISAs are available from many Banks and Building Societies and used by first time buyers whose savings are boosted up to 25% so for every £200 saved a buyer obtains an additional £50 but up to a maximum of £3,000 for each buyer.
Our conveyancing team are able to assist with the draw down of monies as part of the conveyancing process which is in the case of loans is more complicated than for a normal conveyancing transaction due to the procedures which need to be followed.
Read more on our Help to Buy page.
– Jane Gawn, Partner, Head of Department, Property