Help to Buy is a government backed scheme offering an equity loan to assist you in the purchase of your new home, with a deposit as little as 5%.
Help to Buy is available in England from house builders registered to offer the scheme. Help to Buy has been available since 2013. In November 2015, Government announced an extension of the initiative up to 2021 (it may close earlier if all of the funding is taken up before 2021).
If you are looking to buy we advise you arrange a no obligation consultation with one of our Mortgage Advisers by calling 01395 222391.
Equity Loan
What is it?
The Help to Buy equity loan makes new build homes available to all home buyers (not just first time buyers) who wish buy a new home, but may be constrained in doing so. As long as you have a deposit of 5%, up to 20% of the purchase price is available through an equity loan funded by the Government. A mortgage for the remaining 75% will need to be secured from a commercial lender.
Help to Buy will run from April 1st 2013 until 2020.
Who qualifies?
- The scheme is open to first-time-buyers as well as home movers.
- You must have a minimum deposit of 5% of the full purchase price.
- You must be eligible to take out a mortgage from a commercial lender.
What properties are included?
- New build properties only (check out the mortgage guarantee scheme below for existing properties).
- Properties under £600,000 in value.
- Help to Buy is currently only available in England.
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