Help to Buy Schemes
Help to Buy: Equity Loan
In April 2013, the Government rolled out the first phase of a new Help to Buy scheme, which offers equity loans to first time buyers (as well as existing homeowners) by providing borrowers with a loan for 20% of the property value.
This scheme applies to new build properties only, and with the purchaser being required to put down as little as 5% as a deposit, a mortgage of only 75% would be needed from a lender.
This scheme is currently available in England only until 2020. Different variations to the Help to Buy scheme apply in Wales and Scotland.
Help to Buy: Shared Ownership
If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to.
With Help to Buy: Shared Ownership you can buy a newly built home or an existing one through resale programmes from housing associations.
You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings. Shared Ownership properties are always leasehold.
"Your home may be repossessed if you do not keep up repayments on your mortgage"
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