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More Than Just A Home

House Purchase Schemes

Help to Buy

The Help to Buy scheme is a government-funded scheme to help people to buy a new build property without the need for a large deposit. The scheme is available for both first time buyers and existing homeowners and means you can buy a new home with a deposit of just 5%.

First-time Buyers

As a first-time buyer it can be difficult to raise a large enough deposit to purchase your first home. With the Help to Buy scheme you’ll need to save just a 5% deposit to get a mortgage, which means you could purchase your new home much sooner than you thought.

Existing Homeowners

If you are an existing homeowner you can use the Help to Buy scheme to trade up to a bigger property, even if you have limited equity in your current property, because you will only need a 5% deposit to secure your new home.

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How does Help to Buy work?

The Help to Buy scheme enables you to take an interest-free equity loan up to a maximum of 20% of the total purchase price of your new home, to add to your deposit. That means you could then have a deposit of 25% to put down on your new home so that you will be able to get a mortgage for the remaining 75% of the purchase price. A 75% loan to value (LTV) mortgage usually offers a much lower rate of interest than a 95% LTV mortgage so your monthly repayments should be lower, making the whole purchase more affordable. You won’t be charged loan fees on the 20% loan from the Help to Buy scheme for the first five years of owning your home.

Find out more information on the Help to Buy website.

Visit Help to Buy website