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.
• 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).
• So 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.
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, 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.
• 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.
What is the Help to Buy: ISA
There are different types of Help to Buy home 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 or download our Help to Buy brochure.
Help to Buy terms and conditions
Terms and conditions
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. Subject to availability, on selected plots only.
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