Move with just a 5% deposit using the Help to Buy scheme.
In his budget speech, George Osborne launched the Government-backed equity scheme Help to Buy. This scheme is intended to make mortgages more readily available to people who cannot afford a large deposit. The Help to Buy scheme will be available on selected homes on our developments.
Help to Buy scheme example for a property valued at £105k:
Buyer’s 5% deposit:
Government’s 20% loan:
75% mortgage from commercial lender:
About Help to Buy
- Help to Buy is available to all* not just first-time buyers
- You may only need a 5% deposit to qualify
- The Government will lend you up to 20% of the value of your property through an equity loan, which will be interest free for the first five years and can be repaid at any time or on the sale of your home
- You may only need to secure a 75% mortgage, depending on the credit score a higher deposit may be required
* subject to meeting the eligibility criteria
Help to Buy terms and conditions
The Help to Buy scheme has specific terms and conditions and is subject to affordability criteria as defined by the Homes and Communities Agency. Help to Buy Scheme is currently only available in England. Not to be used in conjunction with any other purchase assistance scheme, offer or promotion.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.