HELP TO BUY
If you’re wanting to climb onto the property ladder in Yorkshire and The Humber, the Government-backed Help to Buy scheme could help you do that sooner than you first thought. With Help to Buy you could use a 5% deposit with a 75% mortgage and a 20% equity loan which is interest free for the first five years, to buy a home up to £228,100.
We could also incorporate/add the below: Help to Buy Option 1 – Equity Loan
- You only need a 5% deposit
- Available for new build homes
- Available to first-time buyers and existing homeowners (who have sold their home)
- The government will lend you up to 20% of the value of the new property
- You will own 100% of your home
- Equity loan is interest free for 5 years
Help to Buy Option 2 – ISA
- Raise the deposit on your first home faster
- Save up to £200 pm and the government will add an extra 25% – a £50 bonus for every £200 saved
- To a maximum amount of £3,000 per person
How do I pay off the Government loan?
You won’t be charged loan fees for the first 5 years of owning your home. In the 6th year, you’ll be charged a fee of 1.75% of the loan’s value. After this, the fee will increase every year for up to 20 years. The increase is worked out by using the Retail Prices Index plus 1%.
Help to buy calculator
HELP TO BUY FAQS
You’ll find details of your local Newett Homes office in the contact page.
The Help to Buy Equity Loan scheme is available to both first time buyers and existing home owners. You will need a minimum 5% deposit to qualify. There is no maximum household income to qualify for the scheme, and you can purchase a property with a maximum value of £600,000 in England, £300,000 in Wales and £200,000 in Scotland. The Help to Buy Equity Loan scheme is exclusive to new-build homes only.
The popular Help to Buy Equity Loan scheme has been extended until 2021 through a further £8.6billion in government funding – read more here.
No. With Help to Buy Equity Loan, you purchase 100% of your home and legally own 100% of your home.
Just contact your local Newett Homes office and they’ll let you know what’s coming up.