Opening hours
Mon - Sat: 8am - 8pm
Sun: 10am - 5pm
57 High Street
Rayleigh, Essex, SS67EW
Phone numbers
01268 330 880
07738 165 602
Phone numbers01268 330 880

Help to Buy

This is a Government backed scheme introduced in April 2013 designed to help first time buyers or home movers to purchase a property up to the value of £600,000. There are 2 Phases

Phase 1

The government will give you an equity loan of 20% of the property value and you would put in 5%. The 25% deposit means that you will have many lenders available and because of the deposit you will have a good range of interest rates available.

The government loan is interest-free for the first five years and borrowers will be charged a fee of 1.75% each year, this figure will rise in line with the Retail Prices Index each year after this.

Phase 2

The Government gave another option to lenders. They would guarantee the mortgage against negative equity. You can put a 5% deposit and there will be no Mortgages Indemnity Premium as the Government Guarantees the mortgage. Bringing in Phase 2 meant that lenders are more secure and so made 95% mortgages more favourable.

Contact Our Mortgage Advisers Today

Contact RFS in Rayleigh today to receive our expert guidance and mortgage advice. Our specialist mortgage brokers are on hand to make finding the right mortgage for you efficient, quick, and stress-free.

Get in touch