Help to Buy
What is Help To Buy?
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What is Help To Buy?
Help To Buy is an excellent initiative designed to help first-time buyers get on the property ladder and become a homeowner. With Help To Buy, you can buy your first home with just a 5% deposit and a government-backed loan of 20%, which is interest-free for five years.
Help to buy is only available on selected 1 bedroom homes at Amplify Apartments, enquire today to find out more.
How does Help to Buy work?
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How does Help to Buy work?
With a Help to Buy loan, first-time buyers can own a home with just a 5% deposit.
As part of the scheme, the government will lend you up to 20% of the cost of your home, so you’ll only have to pay a 75% mortgage on the rest.
To make sure the scheme is accessible to those who will benefit most, there are regional price caps. In the North West this is capped at £224,400.
EXAMPLE: Purchasing a property valued at £172,000
(1)YOUR deposit
5% deposit as your contribution: £8,600
(2)THE GOVERNMENT LOAN
The government will top-up your deposit by 20%: £34,400
(3) YOUR MORTGAGE
You will then pay a mortgage on the remaining 75%: £129,000
Am I Eligible?
To qualify for the government bonus, you must fit into the following criteria:
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- You must be a first-time buyer
- Your home must be in the relevant regional price cap
- You or anyone you’re buying a home with must not own a home or any residential land
- The home must be where you intend to live and be used as your main property
- You have not had any form of sharia mortgage finance previously
Own your piece of Salford Quays contact us on or make an enquiry about reserving your new home today.