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Help to Buy
The equity loan scheme - for newly built property
This scheme will be available in England only.
Under the loan scheme, if you have at least a 5% deposit and want to buy a newly-built home, you can apply for a loan worth up to 20% of the value of the property. So you will only need to take out a mortgage for 75% of the cost of the property.
The loan is funded by the Government and will be interest-free for the first five years. After that, you will pay a fee of 1.75%, which rises in line with inflation. You can repay some of the equity loan without selling your home. You will have pay back the equity loan when you sell the property or when the mortgage period comes to an end - whichever comes first.
Help to Buy loans are available to movers as well as first-time buyers.
- you don't have to be on a low income to qualify
- loans are available on properties worth up to £600,000
You can apply for the scheme via participating house builders or through a 'Home Buy agent'.