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The new Help to Buy London scheme will launch on Monday 1st February and aims to give aspiring Generation Rent homebuyers and struggling second steppers in Londoners a helping hand onto the property ladder. Help to Buy London offers purchasers double the 20% equity loan permitted under the existing scheme, allowing them to borrow up to 40% of the home's value. Buyers will need at least a 5% deposit and will have to arrange a mortgage for the remaining 55%. The 40% equity loan is interest free for the first five years and the scheme is open to all purchasers, not only first time buyers. It will be available at many of our developments in Greater London.
The Help to Buy initiative has been one of the key boosting factors to the property market in recent times, helping nearly 130,000 people buy a home since the scheme was introduced by the Government in 2013, with more than 90,000 of those first-time buyers. It has been particularly significant for the new build market – within our business, Help to Buy accounted for around 38% of private completions in the last financial year.
We expect that Help to Buy London will mark a noticeable increase in the popularity of the equity loan scheme in the Capital reflecting as it does London’s current property market far better than the nationwide 20% scheme was able to. For many in the capital, home ownership has seemed out of reach in recent years, but Help to Buy London will make it achievable.
The scheme applies to new homes worth up to £600,000 in any of the London boroughs and the City of London. Our developments where Help to Buy London is available include Acton Gardens in Acton W3, Greenwich Millennium Village SE10, East City Point in Canning Town E16, The Mount at Millbrook Park in Mill Hill NW7, Kings Park in Harold Wood RM3, St Paul’s Square in Bow E3, Brook Valley Gardens in Chipping Barnet EN5 and Stannard’s Place in Harold Hill RM3.
With the launch of the Help to Buy London, we are able to offer Londoners the assistance they need to buy a home of their own.
For further information on Help to Buy London visit www.helptobuylondon.co.uk
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