Your own home with a little helping hand
With Help to Buy, you can buy a new home at Cae Celyn with just 5% deposit and a mortgage for 75% – whether you’re a first-time buyer or you’re moving on from your existing home.
The Government lends you up to 20% of the cost of your newly built home, so you’ll need a 75% mortgage to make up the remainder of the purchase price. The Help to Buy: Equity Loan is interest-free for 5 years and can be repaid at any time or on the sale of the home.
The 20 per cent equity loan is interest free for 5 years’ and in year 6 a fee of 1.75 per cent of the loan is charged, paid monthly by direct debit. The fee increases annually by the Retail Price Index (RPI) + 1 per cent. The loan can be repaid at any time at an amount equal to 20 per cent of the market value, whether the property value has increased or decreased.
How it works
will contribute 20%
Partial repayments are allowable at a minimum amount of 10 per cent of the market value at the time of repayment. The loan must be repaid on the sale of the property or after 25 years, whichever comes first.
New Help to Buy scheme announced for First Time Buyers
The Government has announced a new Help to Buy scheme to run 1 April 2021 until 31 March 2023. It is restricted to first-time buyers and includes regional property price caps to ensure the scheme reaches people who need it most. As with the current scheme, under the new scheme, the government will lend buyers up to 20% of the cost of a newly built home .
For more information talk to us or visit www.helptobuy.gov.uk
YOUR home may be repossessed if you do not keep up repayments on your mortgage. A set fee may be payable upon completion of the mortgage when you buy through the Help to Buy: Equity Loan scheme.