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Help to Buy Scheme

A Help to Buy loan is open to people who are keen to purchase a new-build property, and who have a 5% deposit available. Currently the government will top up your deposit with an equity loan of up to 20% of the property value (maximum £120,000) – in this case, you would take out a 75% mortgage from a lender to buy the property. For buyers in London only, the maximum equity loan is 40% of the property value, up to £240,000. The maximum full purchase price is £600,000 in both London and the rest of England.

Once the mortgage has completed, you make your regular payments to the lender. However for the first five years there is no interest charged or regular repayments required on the equity loan part, apart from the £1 monthly management fee collected which is generally collected by Direct Debit.

With regards to the equity loan, it’s vital to be mindful that when you repay an equity loan, the repayment amount is based on the value of your property at that time, not the original loan amount.

 

The Help to Buy route is to endorse affordable property ownership. Speak to one of our expert mortgage brokers today to find out more.

help to buy

A Help to Buy loan is open to people who are keen to purchase a new-build property, and who have a 5% deposit available. Currently the government will top up your deposit with an equity loan of up to 20% of the property value (maximum £120,000) – in this case, you would take out a 75% mortgage from a lender to buy the property. For buyers in London only, the maximum equity loan is 40% of the property value, up to £240,000. The maximum full purchase price is £600,000 in both London and the rest of England.

Once the mortgage has completed, you make your regular payments to the lender. However for the first five years there is no interest charged or regular repayments required on the equity loan part, apart from the £1 monthly management fee collected which is generally collected by Direct Debit.

With regards to the equity loan, it’s vital to be mindful that when you repay an equity loan, the repayment amount is based on the value of your property at that time, not the original loan amount.

The Help to Buy route is to endorse affordable property ownership. Speak to one of our expert mortgage brokers today to find out more.

help to buy

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

There will be a fee for mortgage advice. Our fees and charges vary depending on the Services we provide to you. We typically charge a fee of £495 payable upon completion for a remortgage. For purchases we typically charge a fee of £495 of which £250 is payable upfront and £245 is payable upon completion.


Terms & conditions apply. For further information https://www.helptobuy.gov.uk