You could only need a 5% deposit to 100% own a new home.
Help to Buy is a Government-backed scheme to help buyers secure a mortgage on a new build home. It means that home buyers can own a home with only a 5% deposit – and don’t forget, this scheme is available to everyone who wants to buy their own new build home – not just first time buyers.
The Government’s Help to Buy scheme aims to help buyers who have a deposit of at least 5% to buy a new home up to the value of £600,000. The government will lend you up to 20% of the value of your new home via an equity loan, so you will only need to secure a 75% mortgage from your bank or building society. The equity loan is interest free for five years and you can pay it back at any time or on the sale of your home.
For more details and further information speak to one of our dedicated mortgage advisors on 0191 491 0820, who will be happy to help. You could also contact one of our sales executives on 0330 002 0775 for more information.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT.
Credit is secured against your home. Subject to status, Help to Buy Terms & Conditions and available on selected properties in England only. Eligible applicants will be offered an equity loan up to a maximum of 20% of the purchase price (based on the open market value). Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings/deposit where required. The equity loan is provided by the HCA and held as a second charge. This offer is not available in conjunction with any other promotion. Full details will be provided on request.