Move into your perfect Redrow home with just a 5% depositMake the most of this Government-backed scheme for Help to Buy homes and move into your Redrow new build home with as little as a 5% deposit. Help to Buy: Equity Loan is a great incentive that allows you to buy a brand-new home much sooner than you may have been able to otherwise. To find out more information visit helptobuy.gov.uk.
Who can use the Help to Buy: Equity Loan?The Help to Buy: Equity Loan is a scheme that's available to both first time buyers and existing home owners.
For first-time buyers, the 5% deposit helps you to secure a mortgage, allowing you to buy a new home sooner than you could do otherwise. For existing homeowners with growing families or a need for more space, you can potentially upgrade (to new property) as you only need a 5% deposit.
This all applies providing that the following conditions are met:
• The home you’re buying must be your only property.
• The home must be a newly built property.
• You won’t be eligible if you’ll own another property after completion.
• You won’t be able to sublet the home you’re buying, negating buy to let investing.
• You will not be able to part exchange your old home.
Existing homeowners can even use Help to Buy to upgrade to a bigger property, because the 5% deposit means it’s not a problem if you have limited equity in your current home.
How long will the Help to Buy scheme run for?
The current Help to Buy: Equity Loan arrangement will run until 2021. A new scheme has been confirmed to run from April 2021 until March 2023, but this will be restricted to first-time buyers only. The Government will continue to lend buyers up to 20% of the cost of a new build property (40% in London).
Everything you need to know about Help to Buy
Are Help to Buy and Part Exchange the same?
Can you put more than a 5% deposit down for Help to Buy?
Can I pay off the Help to Buy Equity Loan before the end of the first 5 years?
Does my new property need to be more expensive than my current property?
How does Help to Buy work with remortgaging?
Is Help to Buy linked with Shared Ownership?
Help to Buy terms and conditions
Terms and conditions
Other ways we can help you move
Discover how easy and affordable moving into a new Redrow home can be when you use our range of incentives that are designed to help you move.