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%.
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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.
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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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Rating Reviews
Derek
They were great when handling our mortgage application even though it was a bit different to the normal one. Highly recommended
Michelle
The team at UK Moneyman have been excellent, really informative, providing sound advice with no judgement and supporting the best possible way forward for myself. I would definitely use the team again, they’ve made the whole process simple and...
Lawrence
Great company to work with, very helpful and excellent communication. Chris and Jo did a great job with our application. I highly recommend.
Gemma
Excellent speedy service and always available to work around the best times for us, including calls at weekends
Gillian
Having dealt with Leo previously I knew I would be getting a brilliant service and a good deal.
Karen
Very helpful.Quick response to any questions or concerns. Selected the right product to meet our requirements.
Stephen
We went to the Moneyman to start with regarding a new mortgage only which went really smoothly and everything was explained in simple terms at our request Malcom made it feel at ease . Once i had the confidence with them we asked them to help with...
Victoria
Jenna was very quick to sort out my mortgage, it was very straight forward and easy.
John
UK money man are excellent and have walked me through every stage of both the initial mortgage process and the remortgage two years later, couldn’t recommend them enough!!
Antonia
Matt Collinson and Meghan Robinson were absolutely wonderful. Provided updates, always avaliable and dealt with our mortgage so quickly! We had a mortgage offer within 2 and a half days and they sorted it all. Absolutely over the moon and would...
Babak
So fast and brilliant services which surprised us and the agent by receiving the mortgage offer less than one week. Malcolm is very responsive
Alistair
We used UK Moneyman for our first mortgage back in 2021. When it came to remortgaging, we confidently used their services again. Chris has been fantastic at reassuring us around the changes in interest rates and explaining everything clearly. Meghan...
Hannah
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...
Sarah
Fantastic service from Tom Bowes
Brooke
Excellent service, great communication & highly professional
Khristopher
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 happily...
Hilary
Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
Nina
I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and professional manner....
Stuart
Great team who works to get you exactly what you need, they made the whole process smooth and painless, so I would highly recommend them.
Danielle
I honestly couldn't have asked for a better service with UK Moneyman! I have been working with Charlie and Wendy! They have been SO helpful throughout the whole process and so supportive, never a hassle for them when I've been bombarding them with...
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
