Move up or move in with as little as a 5% deposit.
What is it?
Help to Buy is a government-backed scheme that helps you move into a new Redrow home with as little as 5% deposit.
Who is it for?
The 'Help to Buy Equity Loan' and 'Help to Buy Mortgage Guarantee' are available to everyone, whether you're a first time buyer or an existing homeowner who is looking to move up the property ladder.
How does it work?
Help to Buy Equity Loan - The Government will lend you up to 20% of the value of your new build Redrow home up to the value of £600,000 through an interest free equity loan for five years. This means you'll only need to secure a 75% mortgage with a 5% deposit. From February 2016 the upper limit for the equity loan is being increased from 20% to 40% in London. London buyers will still need to contribute at least 5% of the property price as a deposit but will only need to raise a 55% mortgage.
Help to Buy Mortgage Guarantee - 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. A 95% mortgage will need to be secured. The scheme is available in England and Wales on house purchases up to £600,000.
If Help to Buy would help get you moving, book an appointment with one of our sales consultants.
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