Help to Buy: Here’s what you need to know:
You must be a first-time buyer
You already have your 5% deposit
You are able to secure a mortgage for 75% of the value of your home (we can help you choose a mortgage adviser to make sure your purchase runs smoothly)
You can afford the monthly mortgage payments
The home you buy under the scheme is your only residence
You are not a buy-to-let investor
- The new build home you buy must be within the relevant regional price cap of £186,100 for the North East and £228,100 for Yorkshire and the Humber.
How it works
Your government loan is interest free for the first five years of owning your new home.
From year six, you will pay monthly interest starting at 1.75% which will increase every April. You must repay your loan after 25 years, or earlier if you sell your home.
Here’s an example of how much your deposit, equity loan and mortgage may be if you buy a new home for £200,000.
Your 5% deposit of £10,000
Your 20% equity loan of £40,000
Your 75% mortgage of £150,000
Want to find out more?
Help to Buy is available on selected developments and properties. Why not give us a call on 0844 736 9991 or email email@example.com and we’ll let you know if you qualify for the scheme and get you started on your journey to securing your dream home.