With a deposit of 5%, the Help to Buy Equity Loan scheme allows you to borrow an additional 20% of the purchase price of the property from Homes England, the loan is interest-free for the first 5 years and it can be repaid at any time.
In the 6th year, you will be charged a fee of 1.75% of the loan’s value. After this, the fee will increase each year by Consumer Price Index plus 2%. All figures are purely indicative and should not form the basis of any purchasing decisions.
Only a select number of Banks & Building Societies are providing the Help to Buy mortgages so you will need to speak to a mortgage adviser and complete the application process to find the most competitive product for them.
To be eligible for a Help to Buy Equity Loan property, you must:
To apply for Help to Buy you will need to:
*For more information including advice on paying fees and paying back your loan please download the Help to Buy buyers guide by clicking here