January 02, 2017 By BHW New Build
You buy 100% of a brand new home from a developer who is registered for the scheme. You fund 80% of the purchase through a combination of a mortgage and your deposit; the remaining 20% is covered by an ‘equity loan’ from the government.
When you purchase your new home you will pay a monthly management fee of £1 which continues until the equity loan is repaid.
The equity loan is interest free for the first five years.
From year six, you’ll start paying a monthly administration fee on the loan. These are not repayments of the loan itself
Your mortgage and deposit
You must have a mortgage to be able to buy using the Help to Buy Equity Loan scheme as the equity loan has to be registered as a second charge against the mortgage. You will need a minimum 5% deposit, along with a 75% mortgage, but you can put in a higher deposit to reduce your mortgage if you wish. The minimum mortgage level acceptable under this scheme is 25% of the full purchase price.
For more information visit www.helptobuy.gov.uk
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Speak to our specialist New Build solicitors and find out about the different Help to Buy schemes and learn about new and up and coming developments in your area.
All you need to know about the government-backed Help to Buy Scheme in our handy guide.
Buying and selling New Build properties can be confusing. Cut through the jargon with our helpful glossary.
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Help to Buy is here to help. And it's not just for first time buyers. Help to Buy can help you get onto the property ladder, or move up it.Visit Website
The calculator works out the Stamp Duty Land Tax (SDLT) you'll have to pay for residential purchases.Visit Website
NHBC is the UK's leading independent standard-setting body and provider of warranty and insurance for new homes.Visit Website
For all applications received at Land Registry offices on or after 17 March 2014Visit Website