HOW TO APPLY
Anyone who cannot afford to buy a suitable home on the open market can apply.
However, priority will normally be given to:
First time buyers
Generally you will need to earn around between £18,000 and £60,000 in London to qualify, although it can be less if you have a large amount of savings. You will also need at least £2,000 of savings to cover the initial costs involved with buying a home.
HELP FOR HOME BUYERS
If you are struggling to save for a deposit the government is providing an equity loan scheme for those who aspire to own a new build home and have at least a 5% deposit.
The government will:
provide an equity loan worth up to 20% of the value of a new build home, interest free for the first 5 years, which can be repaid at any time or when the home is sold significantly widen the eligibility criteria for equity loans to ensure as many people as possible are able to benefit. The maximum home value will be £600,000 and there will be no income cap constraint ensure that the scheme is open not only to first time buyers but also to all those looking to move up the housing ladder
SELF BUILD MORTGAGES
Looking for a self-build mortgage? If you are keen to build your own dream home, then a conventional mortgage will not serve your needs. Instead, you will need to apply for one of the specialist self-build mortgages offered by certain lenders. Click on the link below: