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The Help to Buy Scheme

Help to Buy

We all need a little bit of help from time to time. If you have been struggling to purchase your new home, then the Help to Buy Scheme launched in 2013, may provide the key.

This government backed scheme enables homeowners and first time buyers to own their new home in England, up to the value of £600,000.

How the Help to Buy scheme can help YOU:- 

First things first, this scheme is available to everyone, whether a first time buyer or not, and is now available in England, Scotland and Wales. As long as you can raise a 5% deposit, you can access Help to Buy. 

The equity loan enables you to borrow between 10 – 20% of the value of your new build property.

In England you won’t be charged a loan fee for the first 5 years and the equity loan can be repaid at any time within the first 25 years, or alternatively on the sale of the property. The benefit for most buyers accessing the equity loan is that you need only secure up to a 75% mortgage from a bank or Building Society.

Help to Buy is only available for homes that you will live in (not for example a buy-to-let property) and you will only be able to use it in relation to a capital repayment mortgage (not and interest only mortgage).

Further reading from Gov.UK

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