Affordable New Homes in London Through Help to Buy
Posted 6 September 2018 by
Rupert BatesIf you’re planning to take a first step on the property ladder in London, or upgrading from your current property, London Help to Buy is a great way to make that process affordable.
London Help to Buy is a government-backed scheme that is available to first-time buyers and current homeowners who want to buy a brand new home in the capital. It is available on many developments and can be used on properties priced up to £600,000. It means buyers pay a deposit of just 5% and receive an equity loan of 40% of the property price, interest-free for the first five years, which they pay back monthly over the period they own that property.
It’s a very popular way to make buying a new home affordable – and here are a few examples of what you could buy with London Help to Buy right now.
This development offers one-, two-, three- and four-bedroom apartments, making up a total of 842 new homes. They are built upon sporting heritage, which was previously home to West Ham United Football Club. This prime location will see you reach Central London in 15 minutes. Onsite amenities include: concierge, fitness suite for residents and a family play area.
These homes start from £349,990 for a one-bedroom apartment, to £514,990 for one with three bedrooms. The sales suite is open seven days a week, Mondays from 12.30pm to 5.30pm, and Tuesday to Sunday 10.00am to 5.30pm.
Example:
Two-bedroom apartment, £454,990
Deposit 5% = £22,750
London Help to Buy loan 40% = £181,996
Mortgage 55% = £250,244
Approximate household income needed, £83,415
Rathcoole Gardens, London – Hamptons International
These one-bedroom apartments are in the very heart of Crouch End, surrounded by shops and cafes of Crouch End Broadway. Despite the busy location, the private south-facing Juliet balcony offers a more intimate home setting.
This apartment has plenty of built-in storage, and underfloor heating. These are spacious and bright homes, perfect for a first-time buyer that wants to be close to the heart of London. Viewings can be arranged through Hamptons International directly, either by phone or online.
Example:
One-bedroom apartment, £475,000
Deposit 5% = £23,750
London Help to Buy loan 40% = £190,000
Mortgage 55% = £261,250
Approximate household income needed, £87,083
These homes come in a range of different properties from one-bedroom apartments to four-bedroom, four-storey houses. Each master bedroom has an en suite shower room and there is double glazing and high-performance insulation throughout. Some units have a private balcony.
The location is off the main road but a short walk or drive to the nearest underground station, making you 45 minutes out of Central London. There is a sales and marketing suite available for viewings seven days a week, from 10.00am to 5.30pm.
Example:
Two-bedroom home, £470,000
Deposit 5% = £23,500
London Help to Buy loan 40% = £188,000
Mortgage 55% = £258,500
Approximate household income needed, £86,167
Useful links
Search London Help to Buy
Find out about all Barratt London current properties
Find out about all St Modwen Homes current properties
What is London Help to Buy?
What is a Help to Buy ISA?
The buying process Q&A
Two-year or five-year fixed-rate mortgage?
10 mortgage questions to ask
Repaying your Help to Buy equity loan
How to use your equity to help your kids buy a new home
What you should teach your kids about mortgages and borrowing