Help to Buy Frequently Asked Questions

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Help to Buy FAQ's

  • What is Help to Buy?

    Help to Buy is a scheme offering an "equity loan" to assist you in the purchase of a new home. The Government will loan you up to 20% of the value of your new build home.

  • What if I don't have a deposit - can I still get a mortgage?

    To access a Help to Buy product, buyers will need a minimum 5% deposit.

  • Am I guaranteed to get a mortgage? Are there any criteria I need to meet?

    For Help to Buy, borrowers will need to meet appropriate tests to ensure they can pay back the mortgage, as well passing their chosen lender's credit and affordability checks.

  • How much can I borrow?

    Subject to meeting the eligibility criteria and affordability checks, you'll be able to use the Help to Buy scheme to purchase a property with a value up to £600,000.

  • Can existing homeowners access the scheme?

    Yes. The Help to Buy scheme is available to home movers as well as first-time-buyers, subject to meeting the relevant eligibility criteria.

  • Can I get an interest only mortgage using Help to Buy?

    Help to Buy is only available on capital repayment mortgages.

  • Can I buy a property using Help to Buy and rent it out?

    Help to Buy will only be available on properties which are occupied by the individual or individuals taking out the mortgage.

  • How do I go about accessing the Help to Buy scheme?

    Help to Buy: equity loan will be available from 1 April 2013. Buyers will be able to access this through participating house builders and Help to Buy agents.

  • Can I get a mortgage through an incorporated company?

    Help to Buy mortgages are only available to an individual or individuals rather than incorporated companies.

  • Can I still get a NewBuy mortgage?

    Yes. This scheme is still in place and remains open to buyers.

Questions on Help to Buy: equity loan

  • What is the Help to Buy: equity loan scheme?

    The Government will provide buyers with an equity loan of up to 20% of the value of a new build property. The loan is interest free for the first five years. From year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%.

  • When will I be able to get a Help to Buy: equity loan?

    Help to Buy: equity loan will be available from 1 April 2013.

  • When will I have to pay back my equity loan?

    The equity loan can be repaid at any time within 25 years (or the terms of the mortgage), or on sale of the property.

  • Why can't I get an equity loan on a property that's not new build?

    Help to Buy: equity loan is focused on new build properties only. Buyers wanting to purchase an existing property may be interested in the Help to Buy: mortgage guarantee.

REMEMBER!  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. HOUSE PRICES CAN GO DOWN AS WELL AS UP