Help To Buy

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Equity Loans are available to first time buyers as well as home owners looking to move. With the Equity Loan the government lends you up to 20% of the cost of your newly built home, so you will only need a 5% cash deposit and a 75% mortgage to make up the rest.

You won’t be charged loan fees on the 20% loan for the first five years of owning your home.

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London Help to Buy

To reflect the current property prices in London, the Government has increased the upper limit for the equity loan it gives new home buyers within Greater London from 20% to 40%.

Who is eligible?

  • First time buyers & Homemovers
  • Buying new build property only
  • You must not own any other property at the time you buy your new home with Help to Buy: Equity Loan.
  • Available in England only

Shared Ownership

If you can’t quite afford the mortgage on 100% of a home, help to Buy: Shared Ownership gives you the opportunity to buy a share of you home usually between 25% and 75% of the home’s value, then pay rent on the remaining share. In time, you could buy bigger shares, when you can afford to.

You could buy a home through Help to Buy: Shared Ownership in England if:

  • Your household income is less than £80,000 per year outside London, or less than £90,000 a year in London.
  • You are a first-time buyer, used to own a home but can’t afford one now or you are an existing shared owner looking to move.
  • You can buy a new build or an existing one through resale programmes from the housing association.

Help to Buy Isa

If you are saving to buy you first home, save money into a Help to Buy: ISA and the Government will boost your savings by 25%. So, for every £200 you save you would receive a government bonus on £50. The maximum government bonus you could receive is £3,000.

  • Available to each first-time buyer (not household)
  • Save up to £200 per month into your Help to Buy Isa (in your first month you can deposit a lump sum of up to £1,200)
  • The Governments minimum bonus is £400, meaning you would need to have saved a minimum of £1,600 before you can claim the bonus.

If you would like more information about the different Help to Buy schemes, call 01772 846147 or arrange an appointment using our online diary.

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A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

You may have to pay an early repayment charge to your existing lender if you remortgage.