The Government’s Help to Buy Scheme is available on all properties at The Beeches less than £600,000 and is designed to help home-owners and new buyers onto and up the property ladder with a new generation of affordable mortgages.
It’s a popular scheme available since 2014 – and it’s easy to see why. With just a 5% deposit of the property’s purchase price, home buyers can now more easily move up the property ladder – and join the ranks of happy home owners in the UK.
Help to Buy Equity Loans are available to first time buyers as well as existing homeowners who are looking to move. You will be eligible for the scheme as long as you are in a position to afford a conventional mortgage and have access to a minimum 5% deposit. The property you are buying must be a new-build home priced up to £600,000.
You won’t be able to sublet this home or enter a part-exchange deal on your old home. If you are an existing homeowner you must sell your current home before completing on the Help to Buy home.
We will carry out an assessment of your application to ensure you are in a position to afford a conventional mortgage for your proposed purchase, and that’s it! You’re on your way to a new home…
Note: If you are a home owner wishing to buy a larger property for your family you will need to remove your name(s) from any other property deed prior to or at the point of completion of your new property.
The property purchased must be your only residence. Help to Buy is not available to assist buy-to-let investors or those who already own more than one home. You cannot rent out your existing home and buy a second home through Help to Buy.
Help to Buy equity loans work like this:
You put down a deposit of at least 5%.
The government lends you up to 20% of the property's value as an equity loan.
You take out a mortgage on the rest of the property's value (so, if your deposit was 5% and your equity loan was 20%, you'd then take out a 75% mortgage).
To be eligible for Help to Buy, you must:
have a deposit of at least 5%
be looking to buy a home worth £600,000 or less (different limits apply for Help to Buy Isas)
be purchasing a property you intend to live in most of the time (i.e. not a property you intend to let out or use as a second home).
Can I buy a house now using Help to buy?
How much can I borrow?
What are the Terms & Conditions?
Can I use the scheme if I have a house to sell?
When should I insure my new home?
Part exchange is not available under Help to Buy.
You may reserve a new home, but you will only be able to progress your application once your current property is sold. Remember that we will manage the sale of this and also pay your Estate Agents fees!
If you have a specific property in mind please contact our appointed sales Agent Savills Estate Agent Chester and they can arrange to show you around and discuss the ways in which we can help you move home.
Savills Estate Agent Chester - 01244 323 232
Eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). Buyers are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required.
For the first five years there is no interest charged on the equity loan. At the start of year six a rate of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%. The equity loan is provided by the HCA and held as a second charge.
What do I do next?
The information on this page is provided for information only and purchasers should independently confirm the suitability for the help to buy scheme for their purchase.