Autumn Statement 2015: Here’s everything we know about London Help-to-Buy
Chancellor George Osborne has announced London Help-to-Buy, aimed at helping people in the capital get a loan to help them buy a home.
Along with this, the chancellor said Help to Buy shared ownership will relax the rules around shared ownership, ensuring more people can take advantage of the scheme.
Read more: Osborne to double government housing budget
Here's what we know about the Help-to-Buy schemes:
- Londoners with just a five per cent deposit will be able to get an interest-free loan worth up to 40 per cent of the value of a newly built home. People then need to get a mortgage of up to 55 per cent to cover the rest.
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135,00 Help to Buy shared ownership homes will be built.
London Help to Buy and Shared Housing – what you need to know: https://t.co/rfR7yQj7QX pic.twitter.com/LZryC9MAXL
— HM Treasury (@hmtreasury) November 25, 2015
The announcements come on the same day the chancellor said there will be a three per cent increase in stamp duty for buy-to-let properties and second homes, and revealed he would double the national housing budget.