You Can Buy Bigger With Help To Buy

News at Waterfords | 09/10/2019

For many purchasers affordability can be an obstacle to getting onto the housing ladder or even moving up it. Understanding how Help to Buy could be right for you can also be a daunting process. That’s why we've decided to explain what it is, how it works and show you some of our gorgeous new build homes that could be yours with the aid of the Government’s Help to Buy Equity Loan scheme.

What is a Help to Buy Equity Loan?

The Help to Buy scheme offers an equity loan where the government lends first-time buyers and existing homeowners money to buy a newly-built home. Under this scheme, the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.

Who is eligible?

A common misconception is that only first time buyers can take advantage of this scheme. This is true of other Help to Buy schemes such as the Help to Buy ISA and Help to Buy Shared Ownership where only first time buyers are eligible. However, when buying a new build property, anyone is eligible for the Help to Buy Equity Loan scheme as long as they meet the following criteria:

Here is an example of how Help to Buy Equity Loan works, using a £200,000 property as an example:

Buy a bigger new-build home with Help to Buy

Waterfords currently have a stunning selection of brand new homes under £600,000. Maybe you didn’t realise you could afford these before looking into the government’s Help to Buy Equity Loan scheme. We’d be delighted to put you in touch with our excellent independent mortgage advisors to help secure your dream home. Their advice is free and without obligation and they would be happy to go into more detail about Help to Buy with you.