With just a 5% deposit needed with a 75% mortgage, see how the Government-backed Help to Buy – Equity loan scheme could help you open the door to home ownership.
What is Help to Buy
The Help to Buy – Equity Loan is a Government-backed scheme exclusive to new build homes. It was set up by the Government in 2013 and has already helped thousands to make their move onto or up the property ladder.
The idea behind the scheme is that, with the Government providing a portion of the required equity in the form of the equity loan, homebuyers need to borrow less from traditional lenders, and require a smaller deposit.
With the Help to Buy – Equity Loan – moving into a Barwood Home could be easier than you think.
How does the equity loan work?
By using the scheme, you need just a 5% cash deposit, with the Government providing an equity loan of up to 20% of the value of the property you’re buying. You then need to secure up to a 75% mortgage which opens the door to more competitive lending rates and may make your repayments more affordable than you first thought.
What’s more, you won’t be charged interest or fees on the Government equity loan for the first five years of owning your home, and you can choose to repay the equity loan at any time without penalty, or on the sale of your home.
The scheme is available for first-time buyers only on new build homes, and depending on where you want to move to, there are regional price caps that apply. Please take a look at the two examples below of the regional price caps for our current developments…So, if you thought a high-quality brand-new home was out of reach – think again. Come and speak to one of our sales advisors, and let’s see if we can get you moving.