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Help to Buy is Changing

Now’s the time to buy your dream home

At the moment, Help to Buy allows both existing homeowners and first time buyers to buy a new home with just a 5% deposit. The scheme is a great way to buy your dream home with a manageable deposit and lower monthly mortgage repayments.


But from April 2021, Help to Buy will only be available to first time buyers. Regional price caps will also come into effect, potentially reducing the selection of homes you’ll be able to choose from.


So to use the existing scheme, both existing homeowners and first time buyers need to legally complete the purchase of a home by 31st March 2021.

Now is the time to buy with Morris & Help to Buy

Under the current Help to Buy scheme, you can buy any brand new Morris home up to the value of £600,000* with only a 5% deposit.

If you’re an existing homeowner, Morris can also help to sell your current home through our Smart Move scheme. You can then use Help to Buy to purchase your new Morris home and make your big move happen.

How will the new regional price caps work?

From April 2021, there will be a limit on the price of the house you can purchase using Help to Buy. These price caps will vary depending on where in the country the house is located.

However, if you use Help to Buy before the end of March 2021, you can buy any new Morris home up to the value of £600,000*.

How does Help to Buy work?

Instead of financing the full 25% deposit yourself, with Help to Buy you pay a 5% deposit and the government tops this up with an equity loan of 20% of the overall purchase price.

You are then left with just 75% of the purchase price to mortgage, which will open you up to more affordable mortgage rates.

Buying brand new with Help to Buy

The Help to Buy scheme gives you the chance to buy a new build home that’s perfect for you and your family. With a new Morris home, you won’t have to worry about renovating your property once you move in.

Each and every one of our homes is finished to a high specification throughout. With spacious interiors, quality fixtures and the latest appliances, your new Morris home is a blank canvas you can truly make your own.

How does Help to Buy work?

I’m a first time buyer, what do the new changes mean for me?

As a first time buyer, you’ll be able to use the Help to Buy scheme but you’ll have a smaller selection of homes to choose from due to the regional price caps, as up until the end of this year you can buy any of our new homes up to the value of £600,000.

We want to buy a bigger home using the Help to Buy scheme, can I do this?

Yes, provided your new home is built by December 2020 and you legally complete by the 31st March 2021. You won’t be able to utilise Help to Buy after the changes in 2021. With only 5% deposit required it doesn’t matter if you have limited equity in your current home.

I have a home to sell, can I still use Help to Buy?

Yes you can. You can use our Smart Move scheme with Help to Buy. We’ll take the hassle out of selling and do it for you. You can then use Help to Buy to purchase your new dream home. You won’t be able to utilise Help to Buy after the changes in 2021.

How does the equity loan work?

Although your mortgage repayments will include interest, you won’t be asked to pay any interest on your 20% equity loan during the first five years. You only need to repay your equity loan within 25 years or when you sell the house, but you can choose to pay it back before then.

Is a 95% mortgage better?

Not necessarily; with the government adding the 20% equity loan to your 5% deposit, you actually only need a mortgage for 75% and you still own 100% of your home. Essentially, Help to Buy allows you to benefit from a slightly lower mortgage, which can reduce your monthly payments.

How do I apply for Help to Buy?

We work with a number of independent advisors who specialise in new home sales who can help. This is a free service.

Can I use Help to Buy to buy a second hand home?

Help to Buy is a scheme only for the purchase of a new home

Can I buy more than one home before the scheme ends?

The home you’re buying must be your only property. You won’t be eligible if you’llown another property after completion.

Can I buy a home using the scheme to sublet?

You won’t be able to sublet the home you’re buying, negating buy to let investing.

*based on eligibility criteria when borrowing

Help to Buy calculator

At Morris Homes, we understand that raising a deposit isn’t always an easy task, which is why we offer the Help to Buy scheme to each of our customers who are dreaming of moving into one of our new home developments. You can use our Help to Buy calculator to better understand how the scheme could help you towards owning the home of your dreams. Start your search by entering your chosen property’s price and we’ll take it from there.

Help To Buy
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The home you want, at the price you want.

5% Deposit
£0
20% Government Loan
£0

Make your money go further with Help to Buy. First time buyers or existing homeowners can buy a new home with just a 5% deposit and a 20% equity loan – available on all new builds in England under £600,000. Easily find homes within your price range using our handy Help to Buy calculator.