The Help to Buy scheme could allow you to own your new home with as little as a 5% deposit. This Government initiative is open to first time buyers and those looking to sell and move up the property ladder on new homes up to a maximum purchase price of £600,000.
If you have saved your 5% deposit then you could apply for a 20% equity loan from the Government which means you could take advantage of the more attractive mortgage rates for the remaining 75%. Help to Buy puts your Backhouse house more easily in reach as your mortgage repayments could be more affordable than you first thought.
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Key Features of Help to Buy
- Help to Buy is a Government initiative administered by the HCA designed to help home buyers move.
- The initiative combines a 5% cash deposit with a 20% equity loan from the Government.
- The equity loan is interest free for the first five years.
- The equity loan has a term of 25 years but can be repaid at any time or on the eventual sale of the property, whichever occurs earliest.
- The property purchased with Help to Buy must be occupied by the mortgage holders (not buy to let).
- Applicable properties are new build with a maximum purchase price of £600,000.
- Mortgages secured the on the remaining 75% must be repayment rather than on an interest only basis.
For more information please visit www.helptobuy.gov.uk.