See how the government’s Help to Buy scheme could help you take the first steps towards your new home.
Get a mortgage with just a 5% deposit
Top up your deposit to access more mortgage deals
See how Help to Buy could improve your chances of being accepted even with bad credit
Buy a bigger property with assistance from the Government
About Help to Buy.
What is Help to Buy?
Help to Buy means you can apply for a mortgage with a 5% deposit – the government provides a loan (called an equity loan) of up to 40% in for London properties or 20% outside London (the limit is 15% in Scotland). You then borrow the rest of the purchase amount as a mortgage. The government loan means you borrow less from the mortgage provider, giving you a wider range of mortgage rates to choose from because your loan-to-value ratio is lower.
Who’s eligible for a Help to Buy equity loan?
To be eligible for a Help to Buy equity loan, you need to be buying a new-build property costing no more than £600,000 that you’ll be living in as your home. You don’t need to be a first-time buyer, but you’re not eligible if you own another property in addition to one you’re selling. You can’t rent out any part of a property bought through Help to Buy.
Is Help to Buy only for new-build properties?
Help to Buy is only for new-build properties. Ask the property developer if the property you’re interested in is eligible for help to Buy.
More Help to Buy mortgage questions?
If you're looking for advice on a Help to Buy mortgage, Mortgage321 will have the answers. Contact us today!