Help To Buy Scheme
What is help to buy?
Help to buy equity loan scheme is a service that the government provide, that allows you to move with just a 5% deposit, it is available for first time buyers and existing home owners.
Who is eligible?
The scheme is available to first-time buyers and existing home owners. The home you buy must be your only residence. Help to Buy is not available to assist buy-to-let investors or those who will own any other property after they complete. The scheme varies between England, Scotland, Wales and London, so take a look at the help to buy in your area.
Available exclusively on new build homes up to £600,000 in England, £300,000 in Wales and £200,000 in Scotland.
How does it work?
The Government provides an equity loan of up to 20% of the value of your property which is interest free for 5 years. The Help to Buy equity loan can be repaid at any time or on the sale of your home. You only need a minimum 5% deposit to qualify! You won’t be charged loan fees on the first 20% for the first 5 years of owning your home. This is not available with part exchange as you’re not eligible if you own another property.
You then need to secure up to a 75% mortgage (there is a range of competitive mortgage rates available with this scheme, so you can find something to suit your budget)