Move into a Redrow home with just a 5% deposit!
Make the most of this Government-backed Help to Buy scheme and move in to your Redrow home with as little as a 5% deposit.
How does it work?
When buying a new build Redrow home up to the value of £600,000 in England, and £300,000 in Wales, the Government will lend you up to 20% of the property's value. This is lent to you as an interest free equity loan, remaining interest free for five years.
With this loan, you'll then only need a mortgage for 75% of the property value, and a 5% deposit.
For those looking to buy in London, the limit for borrowing is increased to 40%, meaning with a 5% deposit you'll only need a 55% mortgage.
Who can use it?
There are different types of Help to Buy schemes that have been backed by the Government. The Help to Buy ISA is available for first time buyers, but the Help to Buy Equity Loan is a scheme that's available to existing home owners too.