CALL US ON: 01225 776699

Help to Buy


The Government has created the Help to Buy scheme to help hard-working people like you take steps to buy your own home. Whether you want to get onto the housing ladder or move up it, Help to Buy makes it possible to buy a new-build or existing home priced up to £600,000 with as little as a 5% deposit.

 

The Mortgage Guarantee Scheme

 

How does it work?

A mortgage supported by the Help to Buy: mortgage guarantee scheme works in exactly the same way as any other mortgage except that under the scheme the Government offers lenders the option to purchase a guarantee on mortgage loans. Because of this support, lenders taking part are able to offer home buyers more high-loan-to-value mortgages (80-95%). You will still be fully responsible for your mortgage repayments. So if you have a 5% deposit, you will need to take out and pay back a 95% mortgage.

The Mortgage Guarantee scheme makes it possible to purchase a pre-owned or new build property under £600,000 with a 5% deposit.

 

  • Available for pre-owned properties and new builds across the UK – up to the value of £600,000.
  • Both existing homeowners and first-time buyers are eligible.
  • Buyers need a minimum of a 5% deposit.
  • You must occupy the property and it must be your only property.
  • Available across the UK from participating mortgage lenders.

 

Help to Buy is a government-backed scheme to support buyers who may previously have struggled to raise a sizeable deposit. It’s the same as a traditional mortgage, except the government guarantees a portion of the loan to an affiliated lender (though the agreement is between the lender and the government, not you!).

 

Who is eligible?

Equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000. You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with a Help to Buy equity loan. This scheme is available in England only.

 

How to apply?

The Help to Buy: equity loan scheme is run by Government-appointed Help to Buy agents. They can guide you through your purchase, from providing general information about the scheme to dealing with your application.

Ask Town & Country Mortgages about Help to Buy.

 

 

The Equity Loan Scheme

 

How does it work?

With a Help to Buy: equity loan the Government lends you up to 20% of the cost of your new-build home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.

 

If you are interested in buying a new build property, the Equity Loan scheme could help. Since April 2013 the scheme has made it possible to borrow up to 20% of the cost of a new build from the government. You only need a 5% deposit and a 75% mortgage to make up the rest.

 

  • Available in England for affiliated new builds with a value up to £600,000.
  • Both first-time buyers and existing homeowners are eligible.
  • Buyers need a minimum deposit of 5%.
  • You must occupy the property and it must be your only property.

 

With the Equity Loan scheme you can borrow 20% of the purchase price of a new build property valued up to £600,000. You won’t have to pay anything on the 20% loan for the first five years. In the sixth year you will be charged 1.75% of the loan’s value, which will increase every year by the retail price index plus 1%.

You will be entitled to sell your home at any time. But, if you do so, you will have to pay back the loan: 20% of the sales price, which may be more than you originally borrowed if your property has increased in value.

 

Who is eligible?

Equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000. You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with a Help to Buy equity loan. This scheme is available in England only. The Scottish Government, Welsh Government and Northern Ireland Housing Executive run similar schemes.

 

How to apply?

The Help to Buy: equity loan scheme is run by Government-appointed Help to Buy agents. They can guide you through your purchase, from providing general information about the scheme to dealing with your application. Ask Town & Country Mortgages about Help to Buy.

 

For more information on these schemes visit the Government website: http://www.helptobuy.org.uk

On clicking this link you will leave the regulated site of Town & Country Mortgages (UK) Limited. Neither Town & Country Mortgages (UK) Limited, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.

 

Your property may be repossessed if you do not keep up repayments on your mortgage.

 

For mortgages we are paid NO FEE. We will be paid commission by the lender.

REQUEST A CALL BACK

captcha

OUR CUSTOMER FEEDBACK

At Town & Country Mortgages our priority is always to provide quality advice and service to our customers.
We strive to ask all our customers to provide feedback and below are extracts from questionnaires completed by our customers in 2014.

Additional to the already positive feedback given to your service and staff, I feel it worth mentioning it is due to the way in which Town & Country and in particular Oliver conducted themselves on my previous first house purchase as to why I used your services again.  I will be quick to recommend your services to anyone I know for mortgage advice and would definitely look to yourselves for any advice I require in the future.  Many thanks.

Mr McPherson July 21, 2017