Floor Plans
The scheme is open to first time buyers and is available on new homes in England worth up to £600,000.
So relax, because buying a new home could be easier and more affordable than you thought!
Here’s how Help to Buy could work on a 3 bedroom home worth £200,000
5%
deposit
You
5% deposit
£10,000
Help to Buy
20% loan
£40,000
Lender
75% mortgage
£150,000
Your Dream Home
Featured Developments
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What is Help to Buy?
Help to Buy is a Government backed equity loan scheme that is designed to make home ownership more affordable for first time buyers.
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How does Help to buy work?
With Help to Buy, the Government will provide you with an equity loan worth up to 20% of the value of your new home. That means you only have to put down a 5% deposit and take out an affordable 75% mortgage. You own 100% of your new home from day one.
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Who can access the Help to Buy scheme?
Help to Buy is available to first time buyers, subject to the purchaser meeting the relevant eligibility criteria.
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Why has the Government set up the Help to Buy scheme?
The Government wants to help more people across the country make the aspiration of home ownership a reality. Help to Buy is aimed to increasing the supply of low-deposit mortgages and making it more affordable to buy a home.
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How does the equity loan work?
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 Retail Price Index inflation plus 1%.
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When will I have to pay back my equity loan?
The equity loan can be repaid at any time within 25 years (or the terms of the mortgage), or on the sale of the property.
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I don’t want to take out an interest free loan, is there another option?
Yes, you could consider our mortgage guarantee scheme which means that you could get a 95% mortgage with a 5% deposit. Contact us for more details.
Mortgage guarantee scheme
It the Help to Buy equity loan doesn’t appeal to you, why not consider the mortgage guarantee scheme, which allows you to buy a new home with a 95% mortgage. This means you can get a more affordable interest rate than previously available with a 5% deposit. Contact Belmont Homes for more information.
