Help to Buy
Help to Buy is a Government-backed equity loan aimed at helping you purchase a new home. The scheme is available to first time buyers and existing homeowners on new-build properties up to a maximum value of £600,000. Therefore Help to Buy is available for buyers of our Lower Chesters houses.
The scheme is available to home buyers regardless of their annual income.
Home buyers with a minimum of 5% deposit can use the 'Help to Buy: Equity Loan' to receive an interest free equity loan from the government of up to 20% of the value of their new home, therefore needing only to secure up to a 75% mortgage.
The equity loan must be repaid after 25 years, or earlier if you sell your property, and is interest free for the first five years. From year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%.
For more information, please visit https://www.helptobuy.gov.uk/