Cube Homes are experts in the property industry, and know just how to make the purchase of your dream family home in Prestwich, near Manchester, that bit more affordable with the Government-backed Help to Buy scheme. We’ve put together a blog all about how the Help to Buy scheme can help you make your finances stretch, so that you can own your brand new home.
We offer the Government-backed Help-to-Buy scheme on all of our 4-bed family homes priced up to £500,000 so that the purchase of your new home in Prestwich is much more manageable and flexible to your needs.
Help to Buy: Equity Loan scheme and your new home in Prestwich.
The Help to Buy: Equity Loan helps you get onto the property ladder with a loan from The Government, initially being given 20% of the value of your property, and this loan is interest free for the first five years of owning your home. You can then purchase your new home with just a 5% deposit, on top of the Government loan, giving you a helping hand onto the property ladder. However, the scheme is only available for properties up to £500,000 until 2021.
The way it works:
- You put up a 5% deposit (this is the minimum).
- You borrow up to 20% of the value of the property you intend to buy (this is the equity loan).
- You apply for a mortgage to cover the remaining cost.
To put it into context for your dream home at Fairways View, near Manchester, for our semi-detached plots in Prestwich priced at £470,000, the calculations would be:
5% deposit of £23,500
20% Help to Buy Equity Loan of £94,000
75% Mortgage of £352,000
Who is eligible for the Help to Buy: Equity Loan scheme?
If you’re a first-time buyer or second-stepper, then you’re eligible to apply for an Equity loan! However, for second-steppers they are only available to previous homeowners who no longer own a property.
From 2021, only first-time buyers will be able to apply.
We’d love to tell you more about your Help to Buy and finance options for your dream Cube Homes home on our beautiful property development in the North West! Get in touch with us today to avoid missing out on making the purchase of your dream home that bit more affordable.