You can take out a Help to Buy Equity Loan from the government for up to 20% of the purchase price of a new build property (40% in London). You must put down at least 5% deposit from your own savings or a family gift. If the builder is contributing towards the deposit that’s also acceptable, but this needs to be in addition to your 5%.Get Started
You do not make any payments on the equity loan for 5 years and if you want to avoid fees accruing then you would look to pay it off at that time from savings and/or a remortgage. As a responsive mortgage broker we have helped many customers throughout their mortgage process, right until they received the keys to their new property by utilising the Help to Buy Scheme. Book yourself for a free mortgage appointment online to speak to one of our mortgage advisors, who will guide you throughout the entire process.Apply Now
A minimum of a 5% deposit is required for the Help to Buy Equity Loan Scheme, although, you can increase this amount up to 20% if you have the ability to do so. The more deposit that you put down, the less the government will need to lend you to make up the 25% overall deposit.
You must be a first time buyer to be able to access the Help to Buy Equity Loan Scheme.
The Help to Buy Equity Loan scheme is restricted to new builds only and the builder must be registered for Help to Buy. The maximum property price is capped depending on the property's location. The cap is based on 1.5x the average property price in the region.
You can pay back the equity loan at any time in the first 5 years without incurring any penalties or additional charges. During the first 5 years the equity loan will be interest free. If you do not manage to pay it off within this time frame, you will start receiving interest on the remaining amount, starting at 1.75%.
Help to Buy mortgage rates will vary depending on what sort of deal that you are looking for. Since the deposit is 25% including the government’s loan this means you will be looking at a lower rate of interest than say if you were putting down 10% on a standard (not new build) home.
With the help of a mortgage broker, we can answer any questions related to mortgages. We also provide expert mortgage advice across all the different schemes available. Book your free mortgage appointment online today to see how a mortgage advisor can help you get into the property ladder.
We work around your lifestyle and work schedule, allowing you to connect with an advisor at a time that is convenient to you.
We're only paid on results, not with any up front costs!
You will have a familiar face all throughout your process.
We'll be here to answer all of your questions about the various help to buy schemes, helping you to decide which one is right for you.
We'll be able to suggest the most appropriate insurance products to ensure you are able to stay in your home, should you become seriously ill or unable to work.
Your mortgage advisor will analyse your circumstances and search through 1000s of mortgage deals, to find the most suitable one for you.
We fully understand the workings of the various help to buy schemes, and will use our knowledge to best help you on your journey.
We'll be by your side all throughout, providing guidance and support whenever we're needed. We can also help to suggest property surveys and recommend conveyancing solicitors.
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The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
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Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would...
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Wayne and Paula have been very helpful in helping me purchase my first house would highly recommend them to anyone wanting a mortgage advisor! Wayne was also very flexible with time as I have very odd working hours and worked out a time for phone...
Excellent service, Tom and Lynsey were responsive and extremely helpful including in resolving issues of transferring the offer to another property when the seller of the first property I was buying pulled out.
It's the 3rd time I've dealt with the team at UK Moneyman, as before they have been informative, punctual, detailed and a pleasure to deal with. I couldn't reccomend them more highly.
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