With Help to Buy, you can buy a new home with just 5% deposit – whether you’re a first time buyer or moving on from your existing home.
Help to Buy is available to both first time buyers and existing homeowners and means you can buy a new home with a low 5% deposit.
If you’re a first time buyer we know how difficult it is to raise a large deposit to purchase your first home. With Help to Buy you’ll need to save just 5% deposit to get a mortgage, so you could purchase your first home sooner than you thought.
If you’re an existing homeowner, you can use Help to Buy to trade up to a bigger property – even if you have limited equity in your current home, because you only need 5% deposit to move.
With the Help to Buy scheme, you’ll need as little as 5% deposit to buy a new home.
The Government will provide an equity loan of up to 20% of the value of your property and you’ll need to obtain a 75% mortgage. With a 75% mortgage, your mortgage repayments could be more affordable if you buy a home using the Help to Buy scheme.
Visit the North East, Yorkshire and Humberside Help to Buy website for further information on this scheme: http://www.helptobuyneyh.co.uk/ or call All Saints Living on 0191 211 4130.
A DMS scheme allows a buyer who meets eligibility criteria to purchase a property with a discount from the open market value. The percentage discount can vary from site to site and is set via a Section 106 Agreement between the developer and the local authority. For example, a house valued at £100,000 on the open market may be sold at a discount of 25% meaning the property would be offered to eligible applicants for £75,000. When you buy the property you will own 100% of it but when you sell the property you must do so on the same terms offering the same level of discount you received to the next purchaser. This will ensure the property remains affordable.
The scheme is for people who are unable to afford to buy a property from the open market. As mentioned above the eligibility criteria can vary but will generally include criteria such as:
We have five properties available at Aidan Gardens on the DMS scheme, which are the Hatfield apartments. Click here to view the brochure.
Our Client Services Department (0191 211 4134) will assist you in completing the application form and will then send it to the Council for approval. Once the Council has confirmed your eligibility you can proceed to completion of the purchase of the property by arranging your mortgage and instructing a solicitor. If your circumstances change prior to exchange of contracts you should inform the council who will arrange to reassess your eligibility.