Are you a first-time buyer in London? You can purchase a new home up to £600,000 at The Gladstone with Help to Buy.
Launched on the 1st of April 2021, this is a Government-backed equity loan that allows first time buyers to contribute as little as a 5% deposit. Additionally, for those buying in London, you can borrow an equity loan of up to 40%. This is interest free for the first five years, whilst the remainder of the purchase price is funded by your mortgage.
The aim is to help people get onto the property ladder at a time when homeownership is difficult. Due to the high deposits that are required and where access to affordable mortgages limited.
Time is of the essence however as the Help to Buy Scheme will no longer be available from 31st March 2023. Meaning there is only one year time left for help to buy.
Example: for a large 1-bed apartment purchased for £450,000 at Uniquely Cricklewood
If for example you were looking to purchase one of our apartments at The Gladstone for £450,000, you will need a 5% cash deposit of £22,500. Your mortgage lender will loan you £247,500 (55%) whilst the Government would contribute £180,000 (40%).
How to buy a Help to Buy home at The Gladstone
- Reserve a new build home with Unique Property Group
- Apply online through the Help to Buy agent in your region.
- You will be assessed on your eligibility and if successful, you will then be issued with an Authority to Proceed. They will help you apply for a mortgage and progress the purchase to exchange of contracts
- Your Help to Buy agent will help you complete all of the paperwork and agree dates before issuing a Transaction Confirmation. It will allow you to tranfer funds and legally complete on your new home
- After legal completion, your Help to Buy agent will then pass on your details to the equity loan administrator to manage the equity loan until it is paid in full
Find out more about how to apply for a Help to Buy Scheme on the Government’s website here.
What properties are available to buy at The Gladstone on the Help to Buy Scheme?
Cricklewood is fast becoming a sought after area to invest in new build property. At our latest development here, prices start at £440,000, and with London set to a price cap of £600,000. This means we can offer many of our one and two bedroom apartments on the Help to Buy scheme.