THE HELP TO BUY SCHEME CLOSED OCTOBER 2022
First time buyers will now find it easier to get their foot on the property ladder locally after Magna Square signed up to use the Help to Buy scheme.
In total, there are 19 apartments available at the newly built development in Egham, with a mix of one-and-two-bedroom homes for sale.
The Government created the Help to Buy Scheme, in partnership with Homes England, to assist first time buyers in purchasing their first newbuild home.
First time buyers will be able to take advantage of the Help to Buy scheme for purchases completed before the end of March 2023 provided, they have reserved their home and applied for Help to Buy assistance before the end of October 2022.
It offers a top up loan of up to 20 per cent of the purchase price to people whose deposit and mortgage do not quite reach the value of their first home.
The scheme will enable local people to stay in the Borough, supporting first time buyers onto the property ladder.
Magna Square is a £90m development in the heart of Egham, which comprises of four new buildings. Residents will be able to enjoy a Budgens supermarket, four-screen Everyman Cinema, Liberto Lounge, and other restaurants, shops, and new town square.
The development has a number of green credentials, which will support the climate, including, highly efficient thermal insulation, low energy lighting and solar-controlled glazing, significantly reducing our carbon footprint.
To be eligible for Help to Buy, you must:
- Be first time buyers
- Take out a mortgage for at least 25 per cent of the value of the home
- Contribute at least a five per cent deposit
- The mortgage and deposit together must come to at least 80 per cent of the purchase price.
- Homes England will provide a top up loan of up to 20 per cent which together with the deposit and mortgage will fund the full purchase price.
To find out more about Magna Square and to enquire about Help to Buy email enquiries@magnasquare.co.uk
