Help to Buy

Available with Elan Homes.

Whether you’re a first time buyer or an existing Home Owner, you could benefit from the Government backed  scheme aimed at helping homebuyers throughout England purchase a new build home with as little as 5% deposit

Help to Buy equity loans are available to both first time buyers and existing Home Owners on new build properties up to a maximum value of £600,000.

Help to Buy Scheme

Home Buyers with a minimum deposit of 5% will be eligible to receive an equity loan from the UK Government of up to 20% of the value of their new home, only leaving them needing to secure a 75% mortgage from a bank or building society.

The equity loan can be repaid at any time or on the sale of the 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 PPI plus 1%

 

Applicants for loans will need to qualify for a mortgage with a mortgage lender and be subject to the normal lenders assessment criteria. Help to Buy shared equity is available on new homes only, subject to status and lenders conditions and other requirements:

 

  • It is available to UK citizens and those with a right to remain indefinitely in the country
  • It covers full home ownership only and is not available for shared equity or shared ownership
  • It is available for the purchase of a person’s primary home only, not for second homes, buy to let purchase or investment.
  • It applies to capital repayment mortgages only
  • Buyers must not be receiving help with their deposit from a local authority or other public body
  • Home Buy agents check required

 

In the key features box on the Right

KEY FEATURES

  • Available to both First Time Buyers and existing home owners
  • You only need a 5% deposit to qualify
  • Receive a Government backed equity loan of up to 20% of the value of your new home
  • You will only need to secure up to a 75% mortgage from a bank or building society
  • Maximum property value of £600,000
  • No limit on annual household income
  • Only available on new build properties.

 

Download here:  Help-to-Buy-Buyers-Guide-Feb-160216