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Home buyers using Help-to-Buy: Equity Loan can now take out a 35-year mortgage

Great news for buyers looking to use the Government-backed Help to Buy: Equity Loan; a loophole has been closed which previously prevented homeowners using the scheme to take out long-term mortgages with a term of more than 25 years. Purchasers can now take out a 35-year mortgage, giving the freedom and flexibility to reduce their mortgage payments by spreading their borrowing over a longer period.

The Help to Buy: Equity Loan is a scheme aimed to help home hunters move up or jump onto the property ladder. The Government lends the buyer up to 20% of the cost of a new build home, meaning only a 5% deposit is needed to buy and a 75% mortgage will make up the rest.

The scheme is available on all the homes at The Rowans, Monksmoor Park in Daventry. Prices for three-bedroom houses at the development start from £284,950 and prices for the four-bedroom houses start from £359,950. For more information please call 01327 368722 or visit www.crestnicholson.com/therowans.

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