Do you aspire to own a new-build home? Are you looking to move home, but lack sufficient funds to afford the repayments on a low-deposit mortgage? You may find it easier to join, or move up the property ladder, thanks to the government-backed Help to Buy scheme.
There are several schemes currently:
This is available to first-time buyers unable to afford the full 100% mortgage on a home. It works by allowing them to buy a share of the home (between 25% and 75%), and then pay rent on the remaining share. An option to buy further shares of the house in the future is available when it’s affordable. There are also opportunities for disabled and older people to participate in this scheme.
Equity Loans (England)
Help to Buy: Equity Loans are available for first-time buyers as well as homeowners looking to move, but only on new-build homes worth up to £600,000. The Government will lend you up to 20% of the cost of your newly built home, which means you only need a 5% cash deposit and a 75% mortgage to make up the rest. Please note, the scheme is not available for those wishing to purchase a second home or Buy to Let property.
Affordable New Build Scheme (Scotland)
The Affordable New Build Scheme is available to first-time buyers and existing homeowners looking to move, providing you want to buy a new build home, and you will be helped with up to 15% of the purchase price.
Help to Buy – Wales
Help to Buy – Wales provides a shared equity loan to buyers of new-build homes with a purchase price of up to £300,000.
Forces Help to Buy
This scheme allows personnel to borrow up to 50% of their annual salary, with a maximum of £25,000. The money can be used towards a deposit or any other costs associated with the purchase, such as solicitor’s and estate agent’s fees.
We’re here to help
We’ll spend time getting to know you and your specific circumstances so that we can find a scheme that’s right for you. Talk to us to find out:
- How much you can borrow
- The extra costs you need to consider
- How to protect your investment
- Which mortgage deal is most suitable for you
Most importantly, we’ll be here, by your side, throughout the process.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE