The “Help to Buy” scheme in England allows you to buy a home with just a 5% deposit. The government will give you a 40% equity loan (in the London region), giving you a total deposit of 45%. You will then take out a 55% mortgage.
The government loan is interest free for the first 5 years, with fees applying starting in the 6th year. Your solicitor or conveyancer will be able to give you more precise information regarding what these will be.
To be eligible you must be a first time buyer aged 18 or over and you cannot have previously owned a property, with your purchase price being less than the £600,000 regional price cap.
The great news is that all Macar’s developments fall into this highest tier, with purchases allowed up to £600,000 - contact our sales team for more information.