help-to-buy-logo

help to buy

The Government backed Help to Buy scheme has helped to make home buying more affordable. The scheme is available to all home buyers.

The followings scheme is available, which require a 5% deposit:

help to buy equity loan

With the Equity Loan, the Government lends you up to 20% of the cost of your newly built home, so you’ll 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.

help-to-buy

If the home in the example above sold for £210,000, you’d get £168,000 (80% from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.

For more information, see more at: https://www.helptobuy.gov.uk/equity-loan/equity-loans

help to buy ~ questions & answers

Where is Help to Buy available?
Help to Buy is available across all Rockliffe Homes developments in England on homes up £600,000.

Can I use Help to Buy if I already own a home?
The Help to Buy scheme is available to both first-time buyers and existing homeowners.

Is there an annual household income limit to use this scheme?
No – there is no cap on the annual household income to qualify for this scheme.

What do I need to get started with Help to Buy?
Raising a 5% deposit is the major step you need to reach – once you have achieved that you are well on the way to buying a new home.

What types of mortgage are available with Help to Buy?
Only repayment mortgages are available with this scheme.

How does the Help to Buy equity loan part work?
The Government will provide you with an equity loan up to 20% value of the property. This loan is interest free for the first five years. From year six a fee of 1.75% is payable and will rise annually by RPI inflation plus 1%.

When does the equity loan have to be paid back?
You can repay the loan any time within the your mortgage period or when you sell the property.

Can I use Help to Buy for a buy-to-let property?
The scheme is only available to purchasers using the property as their main home.