Owning a brand new, Damson Home is now easier than ever before using Help to Buy Equity Loans where the Government will loan you upto 20% of the value of a brand new Damson Home!
This scheme is open to both first time buyers and home movers. It cannot be used if the property is going to be rented or for properties over £600,000 in value.
‘Help to Buy’ Equity Loans – How they work…
- You’ll need to contribute at least 5% of the property price as a deposit
- The government will give you a loan for up to 20% of the price
- You’ll need a mortgage of up to 75% to cover the rest
And it’s Free for the first 5 years!
You won’t be charged loan fees for the first 5 years of owning your home.
In the 6th year, you’ll be charged a fee of 1.75% of the loan’s value. After this, the fee will increase every year. The increase is worked out by using the Retail Prices Index plus 1%.
Paying off your loan
You’ll have to pay back the equity loan when you sell your home or at the end of your mortgage period – whichever comes first.
You can also pay back some of your equity loan without selling your home. You can pay back either 10% or 20% or the total amount, so long as the loan is worth at least 10% of the value of your home.
Interested? Questions?
Take a look at our Help to Buy Agents’, Orbit’s website or chat to one of our (incredibly!) friendly staff by filling in the form below – we’ll call you back asap 🙂