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Help to Buy: Equity Loan2020-09-22T15:55:34+01:00

Help to Buy: Equity Loan

With a Help to Buy: Equity Loan the government lends you up to 20% of the cost of your newly built home.

The Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you will only need a 5% cash deposit and a 75% mortgage to make up the rest. You will not be charged loan fees on the 20% loan for the first five years of owning your home.

Conditions of the scheme until 31st March 2021

The conditions of the current scheme are:

  • It is open to all buyers seeking a new build home
  • The maximum purchase price is £600,000
  • The property purchased must be your only residence
  • You cannot rent out your existing home and buy a second home through Help to Buy

You must have reach legal completion by 31st March 2021 to be able to use the current scheme.

Conditions of the scheme from 1st April 2021 to 31st March 2023

The conditions of new scheme are:

  • First time homebuyers who meet affordability and lending terms
  • The maximum purchase price in the North West region is ££224,400
  • The property purchased must be your only residence

More information: https://www.helptobuy.gov.uk/equity-loan/equity-loans/

Example: for a home with a £200,000 price tag

How to apply for a Help to Buy: Equity Loan

Everyone who wishes to purchase a property through the Help to Buy Equity Loan scheme will be required to complete a Property Information Form (PIF). The PIF provides the Help to Buy agent with all the information relating to the property you wish to purchase through the Help to Buy Equity Loan scheme. The PIF is available from your local Help to Buy Agent which for the North region is Help to Buy Agent 1, the online form can be found here and should be completed by the buyer or those acting on behalf of the buyer https://www.helptobuyagent1.org.uk/apply/

HELP TO BUY CALCULATOR