Help to Buy is a range of Government backed schemes to help people like you buy their own home. There are different types of home ownership schemes under the umbrella of Help to Buy. We can help you decide which scheme would be best suited for your personal situation and check if you’re eligible.
Help to Buy Equity Loans are available on new build homes in England with a purchase price of up to £600,000 – but not every new home qualifies for Help to Buy and is only available from new home builders registered with the scheme.
These loans are available to all home buyers including first time buyers and people moving house, subject to eligibility criteria. You’ll have to put down a deposit of at least 5% of the property price and the Government will give you a loan for a minimum of 10% and up to 20% of the purchase price.
You’ll need to pay this loan back to the Government after 25 years, or earlier if you sell the property. You will also need to arrange a mortgage of up to 75% to cover the rest of the cost of the property. For London, the maximum Government loan is up to 40%.
If you sell the property some of the profit on the sale is paid back to the Government. How much you pay back is based on the market value of your home when it’s sold. So, if you had a Help to Buy loan of 20% of the purchase price, you pay the Government back 20% of the sale price.
You’ll also have some extra payments to the Government relating to the equity loan deal. You must pay £1 per month from the date you move in, and after five years, you start to pay interest on the Government loan. The new property you’re buying must be your only residence.
The Mortgage Guarantee Scheme was set up to support households who can’t get a mortgage because of the reduced availability of 95% Loan-To-Value products caused by the COVID-19 pandemic. It’s intended to help existing homeowners looking to move and require a 95% Loan-To-Value mortgage.
It’s available across the UK on properties with a purchase price of £600,000 or less, where a borrower has a deposit of 5%. If you already own your own home, you could still be eligible for this scheme, but you must sell your existing property before completing a new purchase.
Help to Buy is not available to people looking for a Buy to Let mortgage. Visit our Buy to Let page here.
moneyQuest complete the Help to Buy calculator to ensure you meet the affordability criteria
moneyQuest obtain an Agreement in Principle from a Help to Buy Lender
moneyQuest help you to complete your Property Information Form
The Help to Buy Agency issue an Authority to Proceed
Your solicitor applies for an Authority to Exchange from the Help to Buy agency
The Help to Buy Agency issue an Authority to Exchange
Your solicitor applies for an Authority to Complete from the Help to Buy agency
Find out a rough estimate on your repayments
Find out how much you’ll need to put aside for stamp duty.
When was the last time you thought about how you or your family would pay your mortgage repayments if something happened to you,
your income, or your lifestyle changed dramatically?
Products such as Life Insurance, Income Protection and Critical Illness Cover can provide peace of mind that your
mortgage payments are covered should your circumstances drastically change.
As your Mortgage Adviser, it’s our job to ask the uncomfortable questions to ensure you’re prepared for all of life’s “what ifs”.
A policy that pays off your mortgage in a one-off, tax-free lump sum if you or your partner pass away during the term.
A policy that pays off your mortgage with a one-off, tax-free lump sum if you are diagnosed with a critical illness during the term.
A policy that replaces up to 75% of your gross earnings in the form of regular, tax-free payments if illness or injury prevents you from working.
A short chat with one of our Protection Advisers can clarify how your mortgage payments could be covered should the unthinkable happen.
This conversation is free with no obligation to proceed; we will go over your options and empower you with clarity and confidence.
Having the right cover in place offers real peace of mind.
As with all insurance policies, conditions and exclusions will apply.
Arrange your protection review today:
To work out the maximum you could borrow, enter your income and the income of any joint applicant.
To work out the maximum you could borrow, enter your income and the income of any joint applicant.
Calculator based on minimum 5% deposit
