Help to Buy
With the Government backed Help to Buy scheme, you could buy YOUR VERY FIRST home with just A 5% deposit.
You could get an equity loan from the Government worth up to 20% of your new home, which means you would only need to secure a 75% mortgage. You own 100% of your home from day one.
The new Help to Buy scheme, for homes legally completing from 2nd April 2021, is available on Hopkins Homes properties with a full purchase price under £407,400 and estimated to be build complete within six months at the point of enquiry. It is available to first time buyers only; if you or a joint buyer, have ever owned any property interest then you will not be able to use it. Please check eligibility with our recommended IFAs.
Help to Buy is a Government backed equity loan scheme that is designed to make home ownership more affordable for first time buyers.
With Help to Buy, the Government will give you an equity loan worth up to 20% of the value of your new home. That means you will only need to put down a 5% deposit and take out an affordable 75% mortgage. You own 100% of your home from day one.
To qualify a purchaser must be a First Time Buyer meaning a purchaser(s) who has not (either alone or with others):
- Previously acquired via purchase, gift, trust or inheritance an interest in a home or land anywhere in the world; and/or benefitted from any form of sharia mortgage finance.
- If the home is being bought by more than one individual, all purchases must be First Time Buyers to qualify.
The equity loan is interest free for the first five years. From year six a fee of 1.75% is payable on the equity loan, which rises annually by the Consumer Price index (CPI) plus 2%.
The equity loan can be repaid at any time within the first 25 years (or the terms of the mortgage), or on the sale of the property.