Property description
WHAT IS HELP TO BUY? With Help To Buy you can buy your new home with the assistance of a Government funded loan. The Government will lend up to 20% of the value of a new build home through an equity loan*. The buyer contributes a deposit of their own (minimum 5%), then the Help to Buy scheme supplements that deposit to provide a 25% deposit in total. This leaves the buyer needing a mortgage for 75% of the property value.*The government equity loan is interest free for the first five years. From year six a fee of 1.75% will be charged, rising annually by RPI inflation plus 1%. The equity loan can be repaid at any time within 25 years (or the terms of the mortgage), or on sale of the property.
Property Features :
- The Help to Buy scheme is available on all newly built homes in England up to £600,000.
- Help to Buy is available to all purchasers, not just first-time buyers.
- The scheme is not available for Buy-To-Let.
- The scheme is only available in relation to capital repayment mortgages.
- Customers will only need to secure a 75% mortgage.