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What is Help to Buy*?

Help to Buy* is a new Government-backed scheme to help buyers secure a mortgage on a new build home. Home buyers can own a home with only a 5% deposit and gain help funding of up to 20% of the purchase price. This initiative is available to all buyers, not just first time buyers.

How does it work?

With Help to Buy*, you’ll receive an equity loan from the Homes and Communities Agency (HCA) to help you secure a mortgage. The scheme has been designed to assist those who would be able to sustain a mortgage, but who cannot currently acquire one due to large deposit requirements. Help to Buy* offers up to a maximum of 20% of the purchase price through an equity loan funded by the Government. The remaining 80% is made up through a 5% deposit contribution and a 75% mortgage from a bank or building society. So Help to Buy* does what it says on the tin! The equity loan is available on new build properties up to a maximum value of £600,000 in England.

An Example

Based on purchase price of £180,000

Pay from only £144,000

5% Deposit £9,000

75% Mortgage £135,000

Help to Buy Equity Loan* £36,000

*based on maximum loan of 20%

For more information please click here or watch this helpful video

Help to Buy Explained - Smart New Homes

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

*Help to Buy is available on properties up to a maximum value of £600,000. If you qualify for Help to Buy assistance and you raise a mortgage for at least 75% of the purchase price of your new home from a lender, you can borrow up to the remaining 20% of the purchase price by taking out a loan secured over your new home from the Government's Homes & Community Agency (HCA) over a period of 25 years. A 5% deposit is required by the lender. More may be required depending upon circumstances and your lender's and the developer’s criteria. Help to Buy is subject to eligibility.

Terms and conditions apply.

Help to Buy cannot be used in conjunction with Part Exchange