HELP TO BUY YOU'VE ARRIVED | #BeaufortPark - Berkeley Group
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HELP TO BUY Y O U ’ V E A R R I V E D | #BeaufortPark
WHAT IS HELP TO BUY? WHAT IS THE DURATION
Help to Buy is a Government funded scheme which assists OF HELP TO BUY?
you in purchasing a property with a minimum deposit of
The Help to Buy Equity Loan scheme in London is
5%. Government funding can lend you up to 40% of the
available until 2021, although it may close earlier
property value, interest-free for the first five years.
if all funding has been allocated by then.
WHAT IS THE MAXIMUM
PURCHASE PRICE?
The maximum purchase price of a new London
home through Help to Buy is £600,000.
HELP TO BUY EQUITY LOAN:
• ou can apply for an Equity Loan for up to 40% of the
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property value. This usually is repayable after 25 years
(or the terms of the mortgage) or on the sale of the
property if earlier
• hould you decide to repay part of the Help to Buy Equity
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Loan, this can be done in 10% and 20% tranches
• he Help to Buy Equity Loan is interest free for the first 5
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years. An initial monthly management fee of £1 is payable
by direct debit from the start of the Help to Buy equity loan
until it is repaid in full PROCESS:
• Identify the home you wish to purchase through Help to Buy
• I n year 6 you will be required to pay an annual interest fee
of 1.75% of the amount of your Help to Buy equity loan at the • o reserve this home you will need to payable a refundable
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time you purchased your property, rising each year after that reservation deposit of £500, and provide your sales consultant
by the increase (if any) in the Retail Prices Index (RPI) with your passport/driving license and valid bank statement/
plus 1% utility bill. The reservation deposit is fully refundable, subject
to passing the qualification process with Torc24
£400K HOME VALUE • ollowing reservation, you will be contacted directly by
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Torc24 to undertake the financial qualification. Torc24 will
require details of your household income and financial
position, which will enable them to obtain a credit score.
FUNDING PROCESS AND SPECIAL CONDITIONS: £20K
Once this is undertaken, an appointment will be set to
commence the mortgage process to obtain a mortgage
• ou will require a minimum deposit of 5% of your own funds
Y • he mortgage taken must be on a repayment basis and
T Buyer’s 5% deposit in principle
at exchange of contracts cannot be interest-free
• s soon as you have passed the qualification process, Aldwich
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• refundable reservation fee of £500 is payable on
A • o qualify for a Help to Buy funded home you will need to
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Housing Group, the recommended Help to Buy Agent, will
reservation of a property undertake a financial assessment with Torc24
£80K assess your application, and if successful, will issue to Torc24
• ou can apply for an Equity Loan of up to 40% of the
Y • Part Exchange is not available with an Authority to Proceed, valid for 3 months
purchase price through the Homes & Communities Agency
Government’s 20% loan
• nother property cannot be owned at the time of legal
A • s soon as you receive an Authority to Proceed you will
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• I n addition to the Equity Loan, you will need to apply for a completion need to commence the legal process with the recommended
mortgage to cover the remaining balance solicitor and exchange contracts within 21 days
• ub-letting a home purchased under Help to Buy
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• amily gifted deposits are acceptable, but proof of the funds
F is now allowed £300K • ou must legally complete on your purchase within 6 months
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must be provided 75% mortgage from from exchanging contracts
commercial lender
• he maximum income multiple for a Help to Buy purchase is
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4.5 times household joint or single income
RECOMMENDED SOLICITORS
PARRUS DOSHI Fozia Qureshi
Partner
Age: 29 | Brand Strategist fquereshi@kingfields.co.uk
+44 (0) 845 459 0007
Why did you choose to live at Beaufort Park?
I chose to live in Beaufort Park for a number of reasons: 1) its Kingfields Solicitors
proximity to central London and the great connection on the Baker Street Chambers
northern line, 2) the attention to detail and quality of finish 136 Baker Street
from the developers, 3) the quickly developing area – Colindale London
has a huge amount of development ongoing at the moment so W1U 6FL
I see it becoming a key commuter village in the coming years.
RECOMMENDED HELP TO
What is the specification of the property – i.e.
one bed, two bed, fully furnished etc BUY MORTGAGE SPECIALISTS
One bed, Manhattan style apartment. Steve Gale
It was fully furnished – thankfully! Development Director
Steve.Gale@torc24.co.uk
What do you like about the area?
Torc24
I love the community feel, the gardens and
Orbital House
the numerous restaurants and local activities
Park View Road
– it feels a bit like you’re on holiday!
Berkhamsted
Hertfordshire
HP4 3EY
SHOW APARTMENTS AND MARKETING SUITE
16-18 Aerodrome Road, London NW9 5GW
Call us: 020 8511 8600 | www.beaufortpark.co.uk
Disclaimer: Please be aware that these details are intended to give a general indication of properties available and should be used as a guide only. The company reserves the right to alter these details at any time. The contents herein shall not form any part of any contract
or be a representation including such contract. These properties are offered subject to availability. Applicants are advised to contact the sales office or the appointed agents to ascertain the availability of any particular type of property so as to avoid a fruitless journey.
Photography and computer generated images depict Beaufort Park and are indicative only.
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