Help to Buy is now available for all new-build homes, so with just a 5% deposit we could help you move into your dream home.
Here’s an example of a Help to Buy government equity loan based on a new home with a purchase price of £200,000.
- You’ll only need a 5% deposit to qualify
- You’ll receive a government loan of up to 20%, which can be repaid at any time or on the sale of your property, interest free for the first 5 years
- You may only need to secure a 75% mortgage - qualifying for some of the best mortgage rates around
- If you have a 5% deposit and want to buy a new-build home, you’ll be able to access the Help to Buy equity loan scheme - subject to approval
- Help to Buy is available for any new-build home buyer, purchasing up to a price of £600,000
- What’s important is that you must be buying a new-build home and you must have a 5% deposit
- The government will provide you with an equity loan of up to 20% of the value of a new-build property
- The loan is interest free for the first five years. From year six a fee of 1.75% is payable on the equity loan, which rises annually by Retail Price Index inflation plus 1%
- The equity loan can be repaid at any time within 25 years (or the term of the mortgage), or on sale of the property
- Help to Buy is only available on capital repayment mortgages. It’s not available on interest only loans
- Help to Buy will only be available on properties which are occupied by the individual or individuals taking out the mortgage. You cannot buy a property using Help to Buy and then rent it out
- You don’t need to be a first-time buyer