A 'Fixed Fee' quote for your help to buy purchase or sale

Help to Buy Higham Hill

23/11/2015
You normally have to have saved 10% of the selling price of a house you're looking to buy as a deposit, but the Government's Help to Buy initiative means that you can now do this with just a 5% deposit.

This means that you may have purchasing options in Higham Hill, Walthamstow or Leyton or anywhere in Greater London, but you should check to see if you are eligible first.

You should also instruct an experienced Help to Buy conveyancing solicitor to help you with the legal side of your move, because the conveyancing involved is more complex than for a standard transaction. 

Get your free, fixed fee quote for our experienced Help to Buy solicitors, call 0207 112 5388.
About Buying a home in Higham Hill
Higham Hill is in the Walthamstow area of North East London and is 7.5 miles to the north of the capital's centre. It forms part of Walthamstow Borough. There are excellent markets in the locale, a variety of housing stock and some great open spaces.

Higham Hill is well-served for transport links. There are five overland stations in the area: Walthamstow Central, Blackhorse Road, Walthamstow Queen's Road, Wood Street and St James Street. The first two in this list are also underground stations on the Victoria Line. Central London is therefore easily accessed. There are numerous buses for more local journeys.
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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
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 with London Borough of Waltham Forest Council to help you make the right decision as to whether you should proceed with your move, or not.

You can find out about detailed information 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.

Help to Buy solicitors in and around Higham Hill
Our Help to Buy solicitors can help you with your conveyancing in Higham Hill and in the surrounding area including:

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

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What is Help to Buy?

Help-to-Buy---Equity-Loan-Example-BestThe 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.Help-to-Buy---Mortgage-Guarantee-Example-Best

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.

Help to Buy Eligibility

In order to be eligible for the Help to Buy initiative, you have to fit certain criteria.

1. You must be a first time buyer or a home mover: you cannot buy as a company or commercial concern.
2. You cannot own any other property in the world at the time of purchase.
3. You cannot have any overdue payments on any loans, any county court judgments (CCJs) against you for more than £500 nor can you be subject to a bankruptcy order within the last 3 years.
4. You have to contribute a minimum 5% deposit towards the purchase of the property.
5. You cannot be buying to let, nor can you let a spare room in the property.
6. You can only buy using a repayment mortgage; you cannot get use offset, interest-only or guarantor mortgages for the purpose.
7.  You cannot use any other Government scheme in conjunction with Help to Buy, nor can you get Government funding to provide your deposit.

There may be other purely local criteria regarding Help to Buy Schemes in Higham Hill, , Leyton or elsewhere in Greater London. You can contact the London Borough of Waltham Forest Council, Waltham Forest Town Hall, 701 Forest Rd, Walthamstow, Greater London E17 4JF on telephone 0208 496 3000 to find out if there are any in place.

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.


Help to Buy Equity Loan or Mortgage Guarantee Scheme?

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:

Property Experts in Higham Hill




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

Completed Property
 15 Hervey Park Road, Walthamstow, E17 6LJ

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

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

Completed Property
 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.

Do you need Help to Buy Solicitors?

We tailor our Help to Buy conveyancing quotes to your specific transaction and include all of the work required to complete your conveyancing in our fixed fee. Our conveyancing solicitors help home movers throughout Higham Hill and the surrounding areas and ensure the quotes we provide are fixed and competitive.

Call 0207 112 5388 to get a fixed fee Help to Buy conveyancing quote tailored to your property.

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