FIRST STEPS is a new Government equity loan scheme which was announced in the March 2011 Budget to help first time buyers get onto the property ladder within Greater London.
How does it work?
You buy your home with 5% deposit and a mortgage from a lender for 75%, and if you are eligible you can get an equity loan of up to 20% of the price of your new Bellway Home. This is a shared equity loan which is provided by the Government and Bellway Homes.
An example of how it works:
|20% equity loan||£32,000|
For the first five years the equity loan is interest free. After five years, an annual fee of 1.75% of the outstanding equity loan is charged. This is increased annually by RPI plus 1%.
Who is eligible for FIRST STEPS?
You could be eligible if you are looking for a home in the Greater London area and:
• You are a first time buyer
• Your household income is £60,000 or less
Please speak to a Sales Advisor for full details of the scheme.
TERMS & CONDITIONS
Offer available on selected developments and plots only, subject to status and availability.
Any promoted offer is subject to contract and cannot be used in conjunction with other offers.
Prices and details are correct at time of publication.
Images are typical of Bellway homes.