Help to Buy
With the Government backed Help to Buy scheme you can move in to a new Redrow home with as little as a 5% deposit.
Currently, there are two Help to Buy schemes available to first time buyers as well as existing homeowners that both require a minimum deposit of just 5%. These are the ‘ Help to Buy Equity Loan’ and the ‘Help to Buy Mortgage Guarantee’, which work in the following ways:
Help to Buy Equity Loan
Only available on new build homes.
The Government will lend you up to 20% of the value of your new property through an equity loan which is interest free for 5 years
This means that only a 75% mortgage will need to be secured from a bank or building society.
In England, this scheme is available on house purchases up to the value of £600,000.
This scheme is not available in Wales.
Help to Buy Mortgage Guarantee
Available on both new build and existing homes.
A 95% mortgage will need to be secured from a participating bank or building society.
The Government provides your mortgage lender with a guarantee of up to 15% of the property’s value meaning that lenders are able to offer higher loan to value mortgages.
This scheme is available in England and Wales on house purchases up to the value of £600,000.
Whether you can picture your perfect home or keeping your options open – searching for a new home is an exciting time. Why not sign in or join My Redrow to book an appointment online, or speak with one of our friendly sales consultants to discuss your requirements today!
As more information about this exciting new Government backed scheme becomes available, we will keep you up to date. Dont forget to register your interest today!
Help to Buy is a Government backed initiative in partnership with housebuilders. Help to Buy cannot be used in conjunction with any other scheme. It is highly advised, for a swift, smooth transaction that an IFA/Solicitor advised by Redrow Homes is used. Offer cannot be used in conjunction with any other Redrow offer. Help to Buy is only available within England.
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