Help to Buy

Your home may be repossessed if you do not keep up repayments on your mortgage

You don’t have to be a first-time buyer to buy a property through the Help to Buy Scheme!

You can only purchase through the Help to Buy Scheme if you do not own any other properties at the point that your purchase completes.

You can only purchase a new build property under the Help to Buy Scheme.

Buying under the Help to Buy Equity Loan Scheme means that the government will lend you up to 20% of the cost of your brand-new home.

You will only need to put down a minimum of 5% deposit although you may wish to put down a larger deposit if you wish.

You can borrow up to 4.49 times your income taking into account 50% of any additional income.

The equity loan is interest-free for the first 5 years.  From year 6 the government will charge you an interest rate of 1.75% of the loan value and from there onwards RPI + 1%.  This will increase in line with the Retail Price Index.

You have the option to repay the equity loan at any time, or you could sell your home to repay the equity loan if you do not wish to pay a fee on the equity loan.

We have access to many Help to Buy mortgage providers, who are offering competitive products, to help you secure your new home.

The buying process is just like buying your first home or even moving, but there is a bit more paperwork that is needed along the way. We will work with you to secure the Authority to Proceed from the local housing association.

Charles Mac will work with you to ensure that the right paperwork is done at the right time and ensure that you do not part with any costly reservations fees until it is right to do so.

The Help to Buy ISA closed to new accounts at midnight on 30th November 2019. If you have already opened a Help to Buy ISA (or did so before 30th November 2019), you will be able to continue saving into your account until November 2029.

Please don’t leave your options to chance! 

Call today to book an appointment to see one of our experienced mortgage brokers

01233 733900 or 01227 937300