Help to Buy Mortgage Schemes in the UK Explained

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Are you looking to buy your first home? Are you ready to move up the property ladder? Help to Buy could help you.

Help to Buy is a government backed mortgage scheme which helps first time buyers and exisiting homeowners purchase a home with as little as 5% deposit.

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

Our initial mortgage consultation is free. We will charge a fee between £399 and £999 that is payable on application. The amount we will charge is dependent on the amount of research and administration required. We reserve the right to charge a subsequent fee of £99 for each further application that may be required.

Help to Buy Equity Loan

How it works:

You get together your 5% deposit.
The government lends you up to 20% of the property value (up to 40% if buying within Greater London).
You’ll need to secure up to a 75% mortgage.
The loan is interest free for the first 5 years and then charged thereafter.

Who it’s for:

First time buyers and existing homeowners are eligible.
It must be your only property.

Help to Buy Affordable New Build Scheme in Scotland

In Scotland Help to Buy only applies to those who are buying a new build home from participating home builders. The scheme is open to first time buyers and existing homeowners. Participating lenders are likely to require you to have a deposit of 5% of the property price. The Scottish Government will help eligible buyers by taking an equity stake of up to 15% of the purchase price.

Help to Buy in Wales

Help to Buy – Wales is a shared equity loan scheme designed to help first time buyers and existing home owners in Wales purchase a new-build home up to a value of £300,000, with as little as a 5% deposit. The Welsh Government will fund a shared equity loan for up to 20% of the purchase price.

Please note

Terms and conditions apply to all Help to Buy schemes.

Sources: UK | England | Scotland | Wales

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