The Help to Buy Equity Loan is a Government-backed scheme for first time buyers, which can help you to move into a new McDermott home with just a 5% deposit.
Help to Buy Equity Loan is not available on all developments, terms and conditions apply. Please ask the Sales Executive for further details or refer to www.helptobuy.gov.uk
|75% Mortgage cost||£0|
|20% Government loan||£0|
Figures shown are for illustrative purposes only. Please speak to a Mortgage Adviser for full details. Only available to first time buyers. Available on properties priced at under the £224,400 regional price cap. Eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Applicants must obtain their conventional mortgage from a Qualified Lending Institution. For the first five years there is no fee charged on the equity loan component. At the start of year six a fee is collected of 1.75% of the market value of the property at the time the loan is entered into multiplied by the outstanding percentage under the equity loan, the annual fee of 1.75% will be uplifted by RPI + 2% p.a. The loan must be repaid after 25 years or earlier if you sell your home whereby the repayment sum will reflect up to 20% of the market value of the property at the time the property is sold or re-mortgaged. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE