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Help to Buy has already helped well over 100,000 people onto the property ladder. At Countryside, it accounted for nearly 40% of our completions in the last financial year, representing almost 900 homes bought under the scheme. Crucially it is making a big difference for first time buyers, resulting in a 60% rise in the number of first-time buyers across the UK.
From 1 December, first-time buyers will be able to take advantage of the Help to Buy ISA scheme as they save towards a deposit on their first home. It's a tax-free savings product offered by many of the major high street lenders in which the Government adds 25% on top of what you've saved, up to a maximum contribution of £3,000. It can be used to purchase any property costing under £250,000 or under £450,000 in London, with any mortgage product.
It has been in London that first time buyers have faced the biggest challenges getting onto the property ladder, with prices rising faster and higher than anywhere else. The new London Help to Buy, which can be used in conjunction with the Help to Buy ISA, will give buyers a boost by allowing them to borrow up to 40% of the value of the property from the Government interest free. With as little as a 5% deposit required, the buyer only needs a mortgage of 55% to cover the remaining cost of the property.
We are offering a selection of properties that meet the criteria for Help to Buy purchasers. For those looking at maximising the benefit by combining the Help to Buy ISA with the London Help to Buy scheme, we have London homes available under the £450,000 mark at developments including St Paul's Square in Bow E3, Acton Gardens in Acton W3, Brook Valley Gardens in Chipping Barnet and King’s Park in Harold Wood.
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