Help to Buy

Help to Buy mortgages incorporate four separate schemes announced in the 2013 budget, intended by the government to help first time buyers and home movers afford to buy new homes in the current economic climate and housing market. The four initiatives that make up Help to Buy are equity loans, shared ownership, NewBuy and the mortgage guarantee.

Equity Loans

Equity loans are only available in England, and are open to people buying new-build properties. If you have a 5% deposit available, the government will top up your deposit with an equity loan of up to 20% of the property value. No interest is charged on the loan for the first five years, after which a percentage fee is charged each year. You can either repay the loan in stages (in minimum 10% increments) at any time, or pay it off when you sell the property.

Shared Ownership

Shared ownership schemes have existed in various forms for years, and under the current Help to Buy scheme are available to most first time buyers with a household income under £60,000. Shared ownership allows you to take out a mortgage for a percentage of the property (between 25% and 75%) and pay rent to the housing association for the remaining portion of the property, which they own. Alternative schemes are available for people over 55 or who have long-term disabilities.

The various Help to Buy schemes represent a real step forward in promoting affordable home ownership, however each of the schemes has different qualifying criteria and it’s a good idea to speak to an adviser or mortgage broker to help you understand the ins and outs.








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