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Help to Buy Equity Loan

Help to Buy Equity Loan22nd October 2013

What is Help to Buy: equity loan?

Help to Buy: equity loan is available to all that aspire to own a new build home, but struggle to access or afford the repayments on a low deposit mortgage.  Whether you are looking to buy your first home, or move up the property ladder, you could now benefit from getting additional government help to buy a brand new house through the Help to Buy: equity loan scheme.

Under the scheme

  • Government provides equity loan of 20%
  • You arrange a mortgage for 75%
  • Meaning your deposit is 5%

Many developers advertise plots that are eligible for Help to Buy on michaeltuck.co.uk, so you can search for Help to Buy homes now using our property search at the top left hand side of this page.

Am I eligible for Help to Buy: equity loan?

To be eligible for a Help to Buy: equity loan property, you must:

  • Be able to demonstrate access to savings or funds to pay, if required, a deposit (which may be 5% or more of the purchase price), legal fees, stamp duty and costs of moving,
  • Be purchasing a property costing £600,000 or less
  • Have a good credit history
  • Take out any mortgage with a qualified lender (e.g. a bank or building society)
  • If you are a home owner wishing to buy a larger property for your family you will need to remove your name(s) from any other property deed prior to or at the point of completion of your new property.

 

Help to Buy Equity Loan Scheme is one of two government initiatives.  Please read our Help to Buy Mortgage Guarantee Guide or our overview of the Help to Buy schemes.

*Eligible applicants will be offered an equity loan up to a maximum of 20% of the purchase price (based on the open market value).  Applicants are required to fud at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required.  For the first five years there is no fixed fee charged on the equity component.  At the start of year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%.  The equity loan is provided by the HCA and held as a second charge.  Terms and conditions apply and full details will be provided on request.  This offer is subject to status and only available on selected properties in England only.  It is not offered with any other promotion.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE