As a first time buyer, with Help to Buy, you can buy a new home with just 5% deposit.
Who can benefit from Help to Buy?
Help to Buy is available to first time buyers and means you can buy a new home with a low 5% deposit.
If you’re a first time buyer we know how difficult it is to raise a large deposit to purchase your first home. With Help to Buy you’ll need to save just 5% deposit to get a mortgage, so you could purchase your first home sooner than you thought.
How does Help to Buy work?
The Help to Buy equity loan is exclusively available on new build properties with a price tag of up to £437,500*. The equity loan could reduce your mortgage repayments, making this an affordable option.
The Government will provide an equity loan of up to 20% of the value of your property and you’ll need to obtain a 75% mortgage.
With a 75% mortgage, your mortgage repayments could be more affordable if you buy a home using the Help to Buy scheme.
With the Help to Buy equity loan scheme:
- Only first time buyers are eligible.
- You will only need a 5% deposit to purchase your new home.
- The Government will lend you up to 20% of the value of your new build home via an equity loan.
- The equity loan is interest free for the first five years.
- You may only need to secure up to a 75% mortgage.
- The Help to Buy equity loan can be repaid at any time or on the sale of your home.
For more details about Help to Buy, click here to visit the official Help to Buy website.
*Purchase price caps are dependent on location. The figure stated in the above text is what is applicable to our current locations.