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A stunning exclusive development of 2 bedroom apartments within St. Ives.
The property is situated only a short walk from the town centre and the Guided Bus stops, offering easy and convenient access into both Huntingdon and Cambridge.
Help to Buy is a government scheme designed to help first time buyers who have never owned a property before to advance up the property ladder.
Who is eligible?
Help to Buy: Equity Loan (2021-2023) are available to first time buyers. The home you want to buy must be newly built with a price of up to £407,400 for the East of England (see the Help to Buy site for more regional caps)
How does it work?
With a Help to Buy equity loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
You must buy your home from a homebuilder registered for Help to Buy: Equity Loan.
The amount you pay for a home depends on where in England you buy it.
When getting a mortgage you will be able to borrow up to a maximum of 4.5 times your salary.
Help to Buy Equity Loan example
For a property worth £400,000
Amount
Percentage
Cash deposit
£20,000
5%
Equity loan
£80,000
20%
Your mortgage
£300,000
75%
How do I pay back the Help to Buy equity loan?
You must pay back the loan after 25 years or when you sell your home - whichever comes first.
You will not be charged any interest on the 20% loan for the first five years of owning your home.
However a management fee of £1 a month will be applicable from the date of purchase for the duration of the equity loan.
From year six, a fee of 1.75% is payable on the equity loan, which rises annually by CPI (Consumer Price Index) inflation plus 2%.
For full information about the scheme, please visit helptobuy.gov.uk