Help to Buy Scheme
The Government Help To Buy Scheme is currently available on our Farrer Estate development.
How does it work?
With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
Example: for a home with a £200,000 price tag:
If the home in the example above sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.
Key Points as Below:
- – HTB means you can buy with just a 5% deposit
- – The government invest 20% and you have a 75% mortgage
- – You can’t own another property at the same time as using HTB
- – You can only purchase up to £600,000