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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.
To access a Help to Buy product, buyers will need a minimum 5% deposit.
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.
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.
Yes. The Help to Buy scheme is available to home movers as well as first-time-buyers, subject to meeting the relevant eligibility criteria.
Help to Buy is only available on capital repayment mortgages.
Help to Buy will only be available on properties which are occupied by the individual or individuals taking out the mortgage.
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.
Help to Buy mortgages are only available to an individual or individuals rather than incorporated companies.
Yes. This scheme is still in place and remains open to buyers.
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%.
Help to Buy: equity loan will be available from 1 April 2013.
The equity loan can be repaid at any time within 25 years (or the terms of the mortgage), or on sale of the property.
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