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.
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.
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.