Help to Buy scheme is available exclusively for first-time buyers on New Build homes only.
Help to Buy is available to First Time Buyers wanting to purchase a New Build home within the following regional price caps.
The price caps are as follows:
North East - £186,100
North West - £224,400
Yorkshire and The Humber - £228,100
East Midlands - £261,900
West Midlands - £255,600
East of England - £407,400
London - £600,000
South East - £437,600
South West - £349,000
The caps were set at 1.5 times the average regional first time buyer price as forecast in 2018.
How does the scheme work?
Under the scheme, if you are a first time buyer you’ll only need a 5% deposit to purchase a new build home. The government will lend you up to 20% of the value of the property, so you can access mortgages up to 75% of loan to value.
The loan is available on Freehold new build properties in England*, as long as they’re not being bought as buy-to-let. Regional price caps are in place which impact the value of homes eligible for Help to Buy depending on where you're purchasing - please refer to the above details.
The loan can be repaid at any time and is interest-free for the first five years. After that, it will be charged at 1.75% of the equity loan, rising annually by RPI plus 1%.
*Developments that are not eligible for Help to Buy include Platting Village & East Avenue.
For more information please click - Own Your Home
Help to Buy is available subject to eligibility, terms and conditions
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