Balfour Homes Building New Homes Since 2003
Balfour Homes are accredited Help To Buy new home builders. We take pride in our delivering our projects on-time, professionally and to the highest quality.
We have extensive lists of a wide selection of developments that are available to purchase with the Government’s Help to Buy (HTB) scheme.
With this scheme you can put down as little as a 5% deposit, as appose to the much higher deposits normally required by many mortgage lenders.
It can be tough getting onto the property ladder, especially for First Time Buyers. That’s why we provide those looking for a new home with the most comprehensive and up-to-date collection of new homes from the most highly rated new house builders across the London & Essex.
London Help to Buy
To reflect the current property prices in London, from 1 February 2016 the government increased the Help to Buy: Equity Loan scheme’s upper loan limit from 20% to 40% for buyers in all London boroughs.
How does it work?
The London Help to Buy scheme could help you realise the dream of owning your own home in the capital. When you put down as little as a 5% deposit on a newly built home, you can get a government equity loan – for up to 40% of the purchase price.
Example: for a home with a £400,000 price tag
If the home in the example above sold for £420,000, you would get £252,000 (60%, from your mortgage and the cash deposit) and you would pay back £168,000 on the loan (40%). You would need to pay off your mortgage with your share of the money.
You won’t be charged loan fees on the 40% loan for the first five years of owning your home.
Aldermore, Bank of Scotland, Barclays, Halifax, Leeds, Lloyds, Nationwide, NatWest, Newcastle, Royal Bank of Scotland, Santander, Teachers and TSB offer London Help to Buy.
Who is eligible?
London Help to Buy Equity Loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000.
You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with London Help to Buy.
