From today, 1st April, the current Help to Buy Scheme is changing to the Help to Buy Equity Loan, which is only available to first-time buyers across the UK.
So, if you’re a first-time buyer looking to take the exciting leap onto the property ladder, you can reserve a brand new home using the new scheme with just a 5% deposit.
The Equity Loan is only available on new build homes and enables buyers to reserve a home with a 5% deposit, topped up with a 20% government backed equity loan, which is interest-free for the first five years, and a 75% mortgage.
We’re an approved Help to Buy lender, so our friendly team can help guide you through the process, every step of the way.
Here are five simple steps to help get you started
- Step 1 – Save for your deposit
A 5% deposit is less than what you’d usually need to get a mortgage, so you could buy a brand new home sooner than you think.
- Step 2 – Find your new dream home
Explore our selection of new homes across the wonderful Westcountry close to the coast, city and countryside here.
It’s important to note that there is a regional price cap on eligible homes as part of the Equity Loan Scheme. In the South West, this price cap is up to £349,000.
- Step 3 – Contact our Sales Advisor
Once you’ve found your new dream home, contact our friendly Sales Advisor at your chosen development to find out more.
Our team will put you in touch with a recommended mortgage broker who will help you to secure the best mortgage for your circumstances and advise you on your deposit and monthly payments.
- Step 4 – Apply for the Equity Loan
It’s now time to apply for the Help to Buy Equity Loan so you can secure your new home, plus, it’s interest-free for the first five years.
For more information on how to apply, visit helptobuy.gov.uk.
- Step 5 – Secure your new home
Once your application has been approved and your new home secured, it’ll soon be time to collect the keys and start making new memories.
Our Sales Advisors will guide you through every step of the journey making sure you have all the relevant information you need.
So, what are you waiting for? Explore our Westcountry developments today.