what is 'help to buy'?
In a nutshell, ‘Help to Buy’ is a smart scheme where the Government lends you some money towards your deposit on a new home so you can be moving in sooner than you think.
If you’ve already got 5% deposit ready, the government will top it up by lending you up to 20% more. It’s called an equity loan, and the brilliant thing is;
- you won’t get any charges or interest on it for the first five years, giving you plenty of time to settle in to life in your bunnyhome, and
- with a 25% deposit in your pocket you only need to apply for a 75% mortgage. Pretty good, eh? The equity loan has to be paid back within 25 years, or when you sell, whichever is sooner.
what qualifies for 'help to buy'?
The Government’s ‘Help to Buy’ equity loan scheme is open to all home movers, not just first-time buyers. So far since it’s launch in April 2013 it’s helped close to 80,000 home buyers. There’s just a few boxes you need to tick to qualify:
- You need to have saved up you’re own 5% deposit
- It’s only for new build homes
- Up to a value of £600,000
- You’re buying a single home, that you’re going to live in yourself (you can’t qualify for a ‘Help to Buy’ equity loan if you’re planning to sublet it)
- You don’t own any other homes at the time you buy your new home, either in the UK or a cheeky holiday home in Spain or somewhere else exotic
- You can’t part exchange your old home on this scheme
The above points apply to England’s version of the ‘Help to Buy’ scheme, for new build homes outside of London. There are slight variations on the scheme for London, and Scotland and Wales have their own versions of it.
'help to buy' with bunnyhomes
The great news is you can apply for a ‘Help to Buy’ equity loan when you buy a new bunnyhome, so long as you’re a ‘yes’ on the points listed. So whether you’re a first-time buyer or a current homeowner, you can buy a beautiful new bunnyhome for anything up to £600,000, with the potential of lending up to 20% towards it from the Government.
Your mortgage advisor will gen you up on all the ins and outs of the scheme, and help you to find the best mortgage deal for you. There are different types of ‘Help to Buy’ schemes that have been backed by the Government — there’s even an ISA version of it, which is a great option for first-time buyers looking to spend up to £250,000 as it helps with saving their own part of the deposit too.
There’s lots of ways to make buying your bunnyhome easier and more affordable than you might have thought. For more info chat with the bunnyhomes team, speak with your mortgage advisor or take a peek at helptobuy.gov.uk
Help to Buy is available on selected plots only. Please check with the onsite Sales Advisor for further details.