Help To Buy – Equity Loan
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Help To Buy: Equity Loan
Help to Buy: Equity Loan helps you purchase a new build home from a participating home builder without having to fund all of the purchase price. The scheme is open to first time buyers and home movers in England (except London see London Help to Buy) purchase properties valued up to a maximum £600,000. Your mortgage and deposit must cover a combined minimum of 80%, the Government therefore takes equity of up to 20% of the purchase price and this can be repaid at any time.
- The scheme is only available on new build homes from participating lenders, up to a maximum of £600,000
- You will contribute a minimum 5% of the deposit
- Mortgage and deposit combined makes up a minimum of 80% of the total purchase price
- The Government takes an equity stake of up to 20% of the value of the property. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
- The Government’s equity stake can be repaid at any time and will be based on the value of the property at the time of repayment
- The property being purchased must be your only residence.
- No other property should be owned at the time your mortgage is completed.
Terms & Conditions apply. (HM Government, 2019*)
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