WHAT IT IS:
This is a government funded equity loan currently available to both first-time buyers and home movers, on new build properties worth up to £600,000.Aimed at helping those to either get onto the property ladder, or take a step up.
HOW IT WORKS:
You will need to have a minimum of 5% deposit for your purchase. The government will provide an equity loan of up to 20% of the purchase price And you will require a mortgage of up to 75% for the balance Example on a £200,000 purchase priced property;
Buyers Cash Deposit £10,000 - 5%
Help To Buy £40,000 - 20%
Required Mortgage £150,000 - 75%
SELLING YOU HOME:
Your property will be in your name, so you can sell at any time. You will have to pay back the equity loan when you sell your home, or at the end of your mortgage period, whichever comes first. You can also opt to pay off the loan in instalments.
For further details and examples see Buyers Guide to Help to Buy
HELP TO BUY EQUITY LOAN:
You will not be liable to any fees for the first five years of borrowing. After which, an annual fee will be charged.
For examples see Buyers Guide to Help to Buy
APPLYING FOR A HELP TO BUY SCHEME:
The scheme is available to all buyers wanting to live in their new home. It is not available to those wanting to sub-let or purchase a second home. You will need to check that you fit the criteria set out by government to qualify for the scheme. If you are interested in finding out more please contact our ‘Sales’ for more information. Applying for the Help to Buy Scheme
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