9 Crown Row, Bracknell, Berkshire, RG12 0TH
Marney Howick
Sales Valuer
Marney has worked in estate agency since leaving school and has experience in the Berkshire, Hampshire and Surrey property markets. She certainly has gained some exceptional local knowledge! Outside of work, Marney has a crazy beagle who keeps her busy, she loves playing Paddle with the girls in Binfield, and trying out new local bars and restaurants.
Top of my bucket list is…
I’d love to go to Bali!
When I was younger, I wanted to be…
An estate agent.
On Sunday mornings, you can usually find me…
Out for brunch, followed by a walk with the girls and our dogs.
My guilty pleasures are…
Prosecco and awful reality TV.
The thing I like best about my job is…
Building long lasting relationships with my clients and getting to see beautiful homes! I feel extremely fortunate to have worked across several counties and helped lots of lovely people move home.
The best piece of advice I’ve been given is…
You make your own luck.
16 Jun 2021
The Help to Buy scheme is a government-backed equity loan opportunity. It is also referred to as ‘shared equity’.
The scheme is currently only available on new build properties. The loan from the government is up to 20% of the purchase price (40% in Greater London). This means that you only need to raise a 5% deposit and get a 75% mortgage (55% in Greater London).
Let’s consider the benefits and downsides of using this option.
Pros
Although this can be called a ‘shared equity’ scheme, you will own the property 100% outright.
This low deposit amount is what can make the scheme appealing to many. It allows you to get onto the property ladder often much quicker than if you had to save for a 10% or more deposit. It’s also cheaper than getting a 95% mortgage, which is what you’d have to do without the scheme.
The first five years of the loan are interest-free and there is no maximum household income cap.
You have 25 years before it has to be paid back in full.
Cons
There isn’t a household income cap but there are regional price caps. For example, in the North West, you couldn’t purchase a property for more than £224,400 using this scheme. In London, you couldn’t spend over £600,000.
The first five years are interest-free but after that, you’ll be charged an annual fee of 1.75% on the outstanding loan amount. This fee goes up each year with inflation. The loan becomes more expensive over time but your wages may not increase at the same rate.
When you sell the property, you must pay off the loan in full. However, because the loan is a percentage of the market value of your home, the loan amount may end up being more if your home has gone up in value. This might mean that you are left with a lot less from the property sale than you would have otherwise had. This can make upsizing harder as you’re not scaling the property ladder in a linear manner.
It’s important to seek specialist financial advice if you are looking to take advantage of the Help to Buy scheme. We can recommend trusted independent financial advisers and mortgage specialists.
If you would like some support to explore what route to take when buying your first home in the Bracknell area, don’t hesitate to get in touch with us on 01344 860121.
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