Help to Buy
The key to an affordable move
Whether you are a first time buyer, or want to move to your next home, Help to Buy makes things possible. Help to Buy is an ‘equity loan’ where the government will loan you up to 20% of the value of your new home and where you only require a 5% deposit.
Here's how it works on a £200k home
Help to Buy - Equity Loan
- You only need a 5% deposit
- Available for new build homes
- Available to first-time buyers and existing homeowners (who have sold their home)
- The government will lend you up to 20% of the value of the new property
- You will own 100% of your home
- Equity loan is interest free for 5 years
How do I pay off the Government loan?
You won’t be charged loan fees for the first 5 years of owning your home. In the 6th year, you’ll be charged a fee of 1.75% of the loan’s value. After this, the fee will increase every year for up to 20 years. The increase is worked out by using the Retail Prices Index plus 1%.
From 31st March 2021, Help to Buy will no longer be available to existing homeowners and regional price caps will be introduced. There's still time to take advantage of this scheme on any homes that are due to legally complete prior to the 31st March 2021. Please speak to your Sales Advisor to find out which homes are available with Help to Buy.
