Help To Buy
Our advisor was approached by a young couple trying to make their first step onto the property ladder.
Paying a rent of £1,500 per month, it was proving almost impossible for the couple to save up for a deposit large enough to purchase their first home together. However, with the assistance of the London Help to Buy scheme, the couple only needed to put down a 5% deposit of £22,500 which enabled them to purchase their first property at £450,000. After applying for the 40% equity loan, this left them to take out a mortgage of £247,500 which resulted in mortgage payments of only £760 per month!
By almost halving the buyers’ outgoings, this makes saving money that much easier and will, in turn, help contribute to any future deposit going forward.