Help for First Time Buyers
Get on the property ladder with Help to Buy
First Time Buyers can now buy a new home with just a 5% deposit and a 75% mortgage.
Help to Buy
The new government backed FirstBuy equity loan scheme has been designed to help first time buyers saving for a deposit to buy a brand new home.
Help to Buy is a new Government scheme designed to help First Time Buyers get on the property ladder. The Government is lending homebuyers up to 20% of the purchase price of their new home via an equity loan, with the remaining portion paid through a traditional mortgage and a deposit of at least 5%.
This means your mortgage repayments will be lower as you’ll need to borrow less. The Help to Buy scheme is only available on newly built homes up to the maximum value of £600,000.
Who is eligible?
To qualify you’ll need:
• A deposit of at least 5% of the purchase price
• A good credit history
• Proof that you can keep up with the repayments on your mortgage
• Enough money to cover the costs associated with purchasing a property, such as solicitor fees and surveys
• You will not be allowed to buy a second home through the scheme.
Where can I buy with Help to Buy?
Search for new build properties and keep an eye on our Help to Buy blog for details of developers holding Help to Buy information events.
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