Help to Buy

What is help to buy

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.

Who is eligible

To be eligible for a Help to Buy Equity Loan property, you must:

• All parties wishing to buy the home must be first time buyers and residents of the UK for tax purposes
• Be purchasing a property costing £349,000 or less
• Be able to demonstrate access to savings or funds to pay, if required, a deposit (which may be between 5% and 55% of the purchase price, legal fees, stamp duty and costs of moving)
• Have a good credit history 
• Take out any mortgage with a qualified lender (e.g. a bank or building society)

How to apply

To apply for Help to Buy you will need to:

• Ask us about our Help to Buy properties. 
• Contact your local Home Buy Agent to confirm eligibility, your mortgage adviser can do this for you. 
• Choose your new home and reserve with a lower reservation fee of £500 (CG Fry standard is £1000).
• You will also only be required to pay a 5% deposit at exchange of contracts rather than the usual 10%.

*For more information including advice on paying fees and paying back your loan please download the Help to Buy buyers guide by clicking here