Explaining Help to Buy.

Explaining Help to Buy.

Here you'll find some useful information to help you understand how Help to Buy works, so you can start the journey towards your dream home.

What is Help to Buy?

Help to Buy is a Government-backed scheme that gives first-time buyers a hand towards affording their first home. By paying just a 5% deposit towards a brand new home up to the value of £600,000.

The Government then provide an equity loan of up to 20% of the purchase price. This is interest-free for the first five years. You are then left with 75% of the purchase price to mortgage, that will lower your monthly bills by opening you up for more affordable mortgage rates.

Do you really only need such a small deposit with Help to Buy?

With the Help to Buy scheme lenders will be more willing to offer you cheaper mortgage rates. This will help make buying your new home much more affordable, and it isn’t just for first-time buyers either, anyone can apply, even previous homeowners whether your scaling up or down.

The process in a nutshell:

    You’ll need a 5% deposit of the value of the home you wish to buy.

    The Government will lend you up to 20% the value of your chosen home in the form of an equity loan. This loan is interest-free for five years and can be repaid over time, or if you decide to sell your home in the future.

    You then take out a mortgage on the remaining 75% of the value of the property, helping to reduce your monthly mortgage payments.

    At the start of the sixth year you’ll be charged a fee of 1.75% of the loan value, and this will then increase every year by the retail price index plus 1%.

    What’s the criteria?.

    Must be a new build home.

    Have a maximum purchase price of up to £600,000 (£300,000 in Wales).

    Must be the only home you own.

    You must not sub-let or rent out the home after purchase.

The home you want, at the price you want.

5% Deposit
20% Government Loan

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.

Buying your dream home

All you need to do is select your new home from one of our developments. With the great collection of homes available to suit all lifestyles, you shouldn’t have to look far.

Speaking to an Independent Financial Advisor before you buy your new home can be really useful. If you haven’t spoken to one already our Sales Advisors can put you in touch.