Help to buy
There are other products available through Government backed help to buy schemes. These products do not fall under affordable home ownership but are available to those wishing to purchase a home.
Help to buy
| Scheme |
Description |
Criteria |
| Help to Buy: Equity Loan |
- Low-interest loan towards your deposit
- Up to 20% equity loan from the government
- No loan fees on the equity loan for the first 5 years
- Must be paid back within 25 years or on sale of the property
- 75% mortgage required for 20% loan with 5% deposit
|
- First-time buyers and homeowners looking to move
- You will need a 5% deposit
- New build properties
- Home Purchases up to £600,000 in England
- Must be where you intend to live
- Only home you own
|
| Help to Buy: ISA |
- Tax-free savings account
- Save up to £200 per month
- Able to deposit lump sum of up to £1,200 in your first month
- Receive a bonus of up to 25% from the Government. I.e. for every £200 you save, receive a bonus of £50
- Maximum bonus of £3,000
- Minimum of £1,600 to be saved to receive minimum government bonus of £400
- Accounts limited to one per person - Apply through bank and building societies
|
- Aged 16 and over
- UK resident
- First-time buyer
- Purchase of a UK property
- Home purchases of up to £250,000 in the North West
- Must be where you intend to live
- Only home you own
- Be purchased with a mortgage
|
If you would like any further information on Help to Buy visit www.helptobuy.gov.uk.
