How does the Help to Buy: Equity Loan work?
• You'll need a minimum of 5% deposit to qualify.• It’s available to all home movers (not just first-time buyers) purchasing a single property who do not currently own a property in or outside of the UK (see below about changes in April 2021).
• The Government will lend you up to 20% of the value of your property through an equity loan, which can be repaid at any time within 25 years (or on the sale of your home, whichever is sooner).
• You'll only need to secure up to 75% mortgage from a bank or building society.
• The equity loan is interest-free for the first five years.
• Maximum home purchase of £600,000 in England and £300,000 in Wales.
What is changing in April 2021?
On the 1st of April 2021, the Help to Buy: Equity Loan eligibility changes and will only be open to first time buyers. This means if you already own a home and want to use the Help to Buy: Equity Loan then you will need to do so before this date. The other important change that will happen in April 2021 is the introduction of regional price caps. For more information on the changes, visit helptobuy.gov.uk.
What is the Help to Buy: ISA
There are different types of Help to Buy schemes that have been backed by the Government. The Help to Buy: ISA is designed to help first-time buyers save for a deposit to buy a home and involves the government boosting your savings by 25% up to a maximum of £3000.
There are specific rules that apply to the Help to Buy ISA. You can find out more information on the Government's website.
Help to Buy terms and conditions
Terms and conditions
HELP TO SELL
Sell, save and move with confidence using Help to Sell
Advantage
Take 'Advantage' with Redrow's perpetuity plot discounts.
