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What is Help To Buy? 

The government’s Help to Buy: Equity Loan scheme in England and Wales is open to first-time buyers of brand new homes only, subject to eligibility, terms and conditions, until 31 March 2023. The property must be reserved by 31 October 2022.

Watch our helpful guide below.

A qualifying buyer only needs to provide a deposit of 5% of the full purchase price and the government provides an equity loan of up to 20% (40% in Greater London). The buyer needs to get a repayment mortgage for the remainder. The equity loan is interest-free for the first five years and the homeowner would need to pay it back when they sell their home, pay off their repayment mortgage or reach the end of the equity loan term.

There are regional maximum prices which qualify for purchasing a new build home with the scheme:

North East £186,100
North West £224,400
Yorkshire and the Humber £228,100
East Midlands £261,900
West Midlands £255,600
East of England £407,400
Greater London £600,000
South East £437,600
South West £349,000

You can find your government Help to Buy agent to answer all your queries here.

 

Whathouse? Help to Buy resources

Among the qualifying criteria for Help to Buy are that you must:

·         be a UK resident

·         be purchasing a new build home

·         not own any other property at the time of the equity loan

·         not rent out the home for buy-to-let purposes

·         generate enough income to keep up the mortgage repayments

 

How much is my home worth?Enter your postcode and address with us, you can receive a free estimate within seconds. Or you can also search for sold house prices and estimates in any area.
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FAQ

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