The scheme was set up by the Government
to help people buy a home and is open to homebuyers (both first-time buyers and
home movers) in England able to provide a 5% deposit.
The scheme is available on homes valued up to £600,000 so is realistic in helping people to move up the property ladder and not just for those wishing to get on the bottom rung.
A variety of house builders are expected to offer their new homes under the Help to Buy scheme.
Simon Tebbutt, Business Development Manager at Bournecoast said: “Two options are available from the Help to Buy initiative; equity share or mortgage guarantee. Available since last month, the shared equity option develops further the existing FirstBuy scheme and helps buyers who want to reduce their monthly mortgage payments, by supplementing their 5% deposit with a loan of 20% of the value of the property, interest-free for five years.”
“It’s a great injection to the property market that was desperately needed, with great flexibility. The loan can be repaid at any time, or when the property is sold - but so far this part of the scheme has only been available on new-build homes with participating house-builders. However, from January next year the mortgage guarantee option is open to those who can afford the repayments on a 95% home loan. A Government guarantee encourages lenders to offer buyers low deposit access to affordable mortgages, although of course buyers will still need to meet lenders' affordability criteria.” he said.
Whatever type of property you’re looking for Bournecoast are keen to help, so contact their friendly team for free, impartial advice on 01202 437888 or visit www.bournecoast.co.uk.
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In 2010 Bournecoast celebrated it’s 50th anniversary and has been family run since it’s inception when it was established by Major & June Webb in 1960. Keith Simmons MBE, the previous managing director and Major Webb’s son-in-law, was then joined by his son and daughters, Des Simmons, Veronica Strongman and Anita Smith, who now run the company with a team of eighteen staff.
Bournecoast Property Agents have extended their skill base within the ever changing property market and deal with providing self catering holiday accommodation, high quality short term lets (for example to tenants), long term lets and are also an estate agency for people wishing to buy or sell their property locally.
Over the past 50 years Bournecoast has invested in a skilled workforce, ensuring each member of the team enjoys dealing with people and property whilst ensuring their knowledge of the whole property market is second to none, providing advantage over most local agents.