This is a Government backed initiative to assist people looking to buy a new build home but are worried that they may not have sufficient deposit.
Whether you are a first-time buyer or an existing home owner you only need a 5% deposit to purchase your home. This initiative is only available from house builders who have been approved to participate in the scheme.
Amherst Homes Ltd are delighted to have been approved to participate in Help to Buy.
With a Help to Buy Equity Loan the Government lends you up to 20% of the cost of your new build home so you will only need a 5% cash deposit and a 75% mortgage to make up the rest.
You won’t be charged interest on the 20% loan for the first five years of owning your home.
Example: for a home with a £200,000 price tag
If the home in the example is sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.
For more information (including advice on fees and paying back your loan) please download the Help to Buy Buyers’ Guide here.
In the first instance, you will need to contact us on 01799 588400 or email firstname.lastname@example.org We will then refer you to our sales agents who will assist in completing your Help to Buy application – You will then be contacted by a Help to Buy agent to confirm your eligibility.
Further information on the Help to Buy Equity Loan Scheme is available on the Help to Buy website