Help to Buy
5% deposit, 75% mortgage, 100% your home
With Help to Buy set to continue to 2020, this means you can still have an opportunity to buy a brand new home with only a 5% deposit.
What is Help to Buy
Help to Buy* is a Government-backed scheme to help buyers secure a mortgage on a new build home. It means that home buyers can own a home with only a 5% deposit. And remember that this initiative is available to all buyers, not just first time buyers. How does it work?
With Help to Buy: Equity Loan*, you’ll receive funding from the Homes and Communities Agency (HCA) to help you secure a mortgage.
This scheme has been designed to assist those who would be able to sustain a mortgage, but who cannot currently acquire one due to large deposit requirements.
Here's an example of the equity loan scheme:
Pay from only £120,000 now
Based on a £150,000 purchase price
5% Deposit £7,500
20% Help to Buy Equity Loan £30,000
75% Mortgage £112,500
Help to Buy Scheme
Help to Buy* offers up to a maximum of 20% of the purchase price through an equity loan funded by the English Government. The remaining 80% is then made up through a 5% deposit contribution and a 75% mortgage from a bank or building society.
The equity loan is available on new build properties up to a maximum value of £600,000 in England.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT *Help to Buy is available on properties up to a maximum value of £600,000 in England. If you qualify for Help to Buy assistance and you raise a mortgage for at least 75% of the purchase price of your new home from a lender, you can borrow up to the remaining 20% of the purchase price by taking out a loan secured over your new home from the Government's Homes & Community Agency (HCA) over a period of 25 years. A 5% deposit is required by the lender. More may be required depending upon circumstances and your lender's criteria. Help to Buy is subject to eligibility and terms and conditions. Terms and conditions apply.
The Help to Buy: Mortgage Guarantee scheme is available on properties in the UK up to a maximum value of £600,000. A 5% deposit is required by the lender. More may be required depending upon circumstances and your lender's criteria. Help to Buy: Mortgage Guarantee is subject to qualification, eligibility and terms and conditions. Woodsett Homes do not provide mortgages and applicants should speak to an independent mortgage adviser, details of which can be provided on request.