Help to Buy Equity Loan - only available on new build homes

19th December 2016

In September the Chancellor announced the end of the Help to Buy Mortgage Guarantee Scheme, however the Help to Buy Equity Loan and ISA Bank Account are going to continue to operate. Which is great news for first-time-buyers, #generationrent and people moving up the property ladder who have been planning to buy in 2017 and beyond.

So how does it work?

With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% deposit and a 75% mortgage to make up the rest.

And the benefits don’t stop there, the 20% equity loan is interest & repayment free for the first five years of owning your home

Who’s eligible?

First time buyers are top of the list when it comes to eligibility of equity loans, but homeowners looking to move can also qualify, providing the home you want to buy is newly built and has a price tag under £600,000.

Of course, there’s also some added Ts and Cs attached to who qualifies. So you won’t be able to sublet the home or enter a part exchange deal on your old home. And applicants cannot own any other property at the time they buy their new home with a Help to Buy: Equity Loan.

How do you get a loan?

The scheme is run by Government-appointed Help to Buy agents who can guide you through your purchase and application. The Money Advice Service is also really good at providing help and advice.

Help to Buy & Rowland

Help to Buy is available on all Rowland Homes across our 9 sites in the North West. For further details and to find your home today see:

Help to Buy Equity Loan - only available on new build homes

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