- London Help To Buy, provided by the Government, was launched in February 2016 and is available for properties across all London boroughs.
- London Help to Buy applies to newly built homes worth £600,000 or less and is available to both: first-time buyers and home movers.
- The Government lends up to 40% of the cost of a new London home; the buyers need to raise a deposit of at least 5% and to secure a 55% mortgage to make up the rest.
- The equity loan is for a maximum of 25 years of before if the property is sold or mortgage is redeemed.
- There is no interest charge on the 40% loan for the first five years. A management fee of £1 a month applies from the date of purchase. From year six, a fee of 1.75% is payable on the equity loan, which rises annually by RPI (Retail Price Index) inflation plus 1%.
Some of the lenders offering London Help To Buy are Aldermore, Bank of Scotland, Barclays, Halifax, Leeds, Lloyds, Nationwide, NatWest, Royal Bank of Scotland, Santander, Teachers and TSB.
For more details about London Help To Buy equity loans see here: London Help To Buy
For newly built properties in London NW please email us: info@propertysisters.co.uk
or contact Property Sisters on + 44 (0)20 3745 7456
