help to buy
When buying a new build Quintas home up to the value of £600,000 in England (outside of London), and £300,000 in Wales, the Government will lend you up to 20% of the property’s value. This is lent to you as an interest-free equity loan, remaining interest-free for five years.
With this loan, you’ll then only need a mortgage for 75% of the property value, plus a 5% deposit from your own savings.
For those looking to buy in London, the limit for borrowing is increased to 40%, so with a 5% deposit you’ll only need a 55% mortgage.
Who is eligible?
There are different types of Help to Buy schemes that have been backed by the Government. The Help to Buy ISA is available for first-time buyers, but the Help to Buy Equity Loan is a scheme that’s available to existing home owners too.
There are specific rules that apply to the Help to Buy ISA, and you can find out more information on the Government’s website www.helptobuy.gov.uk