Property News · April 16, 2015

Help needed to understand help-to-buy schemes


I want to purchase a property but am confused about how help-to-buy worksQ I have £15,000 in savings that I have had for a while in an Isa and I’m currently renting a flat for which myself and my partner pay £900 a month. I have been trying to save up for a deposit for a house and can’t seem to raise anymore than the £15,000 I have saved. I have looked into help-to-buy schemes and they seem like a good option but I’m confused about what happens after the fifth year and also what happens when I sell. For example, if I buy a house for £300,000 with a cash deposit of £15,000, how much will I be repaying in years one to five and how much from year seven onwards. Furthermore how much will I need to give back when I sell the house? Continue reading…

Source : theguardian.com
Read more…Help needed to understand help-to-buy schemes

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