Help to Buy Higham Hill

About Buying a home in Higham Hill

London is the capital city of England with a population exceeding 8.3 million. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its founding by the Romans, who named it Londinium. London's ancient core, the City of London, largely retains its 1.12-square-mile medieval boundaries and in 2011 had a resident population of 7,375, making it the smallest city in England. Since at least the 19th century, the term London has also referred to the metropolis developed around it. The majority of this conurbation forms Greater London, a region of England governed by the Mayor of London and the London Assembly.

Close links to the local council

Help to Buy solicitors in and around Higham Hill

Help to Buy in Walthamstow

Help to Buy in Leyton

Help to Buy in Woodford

Help to Buy in Chingford

Help to Buy in Snaresbrook

Help to Buy in Clapton

Help to Buy in Stoke Newington

The Government’s Help to Buy initiative in Higham Hill allows eligible people to buy properties with as little as a 5% deposit.

There are two Help to Buy schemes:

1. Help to Buy Equity Loan: this enables you to buy a New Build property as long as you have a minimum 5% deposit, with the Government providing a loan covering up to 20% of the purchase price. You have to secure a mortgage for the remaining 75% from a lender.

2. Help to Buy Mortgage Guarantee: this enables you to buy a New Build OR existing property with a minimum 5% deposit. You apply for a mortgage to cover the rest of the purchase price – up to 95% - from a lender participating in the scheme. In the event that you default on mortgage repayments, the Government guarantees to cover the lender for up to 15% of the mortgage granted to you.

You can find out about properties which can be bought using the Help to Buy Equity Loan scheme in Higham Hill by contacting your local Help to Buy agent. You can find out their contact details by enquiring to the London Borough of Waltham Forest Council, Waltham Forest Town Hall, 701 Forest Rd, Walthamstow, Greater London E17 4JF, telephone 0208 496 3000.

With the Help to Buy Equity Loan Scheme, you don’t have to pay any loan fees for the first 5 years, then in year 6, the charge is 1.75% of loan's value. Every subsequent year, a fee of the retail price index (RPI) +1% is added. Fees are separate from the loan repayment (the principal). You can sell at any time but then the loan must be repaid in full. The loan must be repaid in full by the end of the mortgage period. You can pay back the loan without the home being sold. If you want to pay the loan back in full early (prior to sale/completion of mortgage) you should consult your lender and Help to Buy Agent.

With the Help to Buy Mortgage Guarantee Scheme, you have more choice of homes to consider buying, but you have to find a participating lender who will grant you a mortgage which is up to 95% of the purchase price of the property.

The Help to Buy initiative also has some specific targeted schemes within it, most notable of which is Armed Forces Help to Buy. You can read about this scheme here.

If you're able to access both Help to Buy schemes in Higham Hill, you should first calculate which of these best suits your own needs.

You don't have to make any loan repayments to the Government for the Equity Loan for the first 5 years. Automatically, compared to other types of loans, this means you are saving money and the loan itself means that you can get a smaller - and therefore cheaper - mortgage from a lender. The mortgage only has to be a maximum of 75% of the property’s value. Under the Mortgage Guarantee Scheme, there's the prospect of having to redeem a 95% mortgage - repayments will most certainly be higher every month.

The downside of the Equity Loan scheme is that the Government retains a charge on your property in Higham Hill, equivalent to 20%, and this is in addition to the mortgage lender’s charge. Until the Government loan is repaid, on sale, the Government will be due up to 20% of on any increase in the property value.

Get more advice about both Help to Buy schemes: call 0207 112 5388.

We have recently completed home moves for clients in Higham Hill & Greater London:

 Flat 25, Vellum Court, Hillyfield, Walthamstow, London, E17 6EQ

 15 Hervey Park Road, Walthamstow, E17 6LJ

 242a Lea Bridge Road, Walthamstow, London E17 9UB

 65b Greenleaf Road, Walthamstow, London, E17 6QN

 31 Richmond Close, Walthamstow, London, E17 8PS

Over the years we have gained invaluable knowledge about moving home in Higham Hill and throughout Greater London. We use this and our local connections to London Borough of Waltham Forest Council to help you make the right decision as to whether you should proceed with your move, or not.

We will remain impartial throughout and provide professional advice acting in your best interest at all times.

You can find out about your property in Higham Hill by contacting London Borough of Waltham Forest Council by letter to Waltham Forest Town Hall, 701 Forest Rd, Walthamstow, Greater London E17 4JF or by phoning 0208 496 3000.