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Help to Buy

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

There are two ways to purchase a property with Help to Buy mortgage schemes: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 HOME 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 on mortgage application. The amount we will charge is dependent on the amount of research and administration required.

Help to buy logo

1. Help to Buy Mortgage Guarantee

How it works:

  • A minimum deposit of 5% is required, although you could put down a deposit of up to 20% if you wish.
  • The government will guarantee the lender up to 15% of the loan for 7 years.
  • You’ll need to secure up to a 95% mortgage.

Who it’s for:

  • It’s available on new build and second hand homes up to a value of £600,000.
  • First time buyers and existing homeowners are eligible anywhere in the UK.
  • It must be your only property.

 

2. 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.
  • 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:

  • It’s available on new build homes only, up to a value of £600,000 in England, £300,000 in Wales and £250,000 in Scotland.
  • First time buyers and existing homeowners are eligible.
  • It must be your only property.

Help to Buy in Scotland

In Scotland Help to Buy only applies to those who are buying a new build home from participating home builders up to the value of £250,000. 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 20% 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

Help to Buy - Infographic

How can Your Move help?

Still not clear on how Help to Buy works? Not sure if it’s right for you?

We’re ready to explain the mortgage schemes in an easily understood, straightforward way.  

At the same time you’ll benefit from our helpful financial services.

Find out more about Help to Buy from one of our Financial Consultants by calling free on 0800 056 4508^, or book a mortgage appointment online.

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A useful collection of common words and phrases you will come across when buying a house.

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