HOW DOES HELP TO BUY WORK?
It’s good to have the right information to hand before you make any important decisions. So here are some key facts about how the Help to Buy: Equity Loan scheme works.
You can find a more detailed guide to the scheme here: Help to Buy: Equity Loan
Buy with just 5% deposit
Help to Buy: Equity Loan is a Government-backed scheme for first time buyers that lets you buy a brand new home with just a 5% deposit and a 75% mortgage, subject to eligibiity, terms and conditions.
It works by giving you an equity loan of up to 20% of the value of your new home, which is interest-free for five years.
Is it right for me?
If you’re a first time buyer who wants a smaller deposit and lower monthly repayments, take a closer look.
5% Low deposit
You only need to put down a 5% deposit, making it easier to save up for your first home.
20% Equity loan
This Government-backed equity loan is interest-free for five years, giving you up to 20% of the value of your new home to boost your deposit.
75% Mortgage
With this boost to your deposit, you’ll have access to more competitive mortgages as you’ll only need a mortgage on 75% of the value of your new home.
Find your new home
Once you’ve found your new home, check with our Sales Executive whether it qualifies for the Help to Buy: Equity Loan scheme.
Put down a 5% deposit
The exact deposit amount will depend on the value of your new home, but it’s just a 5% deposit when you use the Help to Buy scheme.
Secure a good mortgage deal
If you’re not sure where to look to find the right 75% mortgage, we can happily put you in touch with an independent financial advisor who can guide you through the application process.
Apply for Help to Buy: Equity loan
Successfully apply and you can borrow 5% to 20% of the value of your new home, interest free for five years. Your Help to Buy agent can guide you through the options available and administer your application. You can find your local Help to Buy agent here: Find a Help to Buy agent
