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.
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:
In the key features box on the Right
Download here: Help-to-Buy-Buyers-Guide-Feb-160216