The way you access a Help to Buy agent is changing
From 2 January 2020, you will be able to apply for help to buy schemes from one of three agents across England. This means our current Help to Buy agents’ services will shortly be replaced.
The changes should not affect your house purchase.
If you are buying a new home using a Help to Buy: Equity Loan, we will automatically transfer everything to your new agent, so that they can continue to support your equity loan application and house purchase.
If you have any questions, please get in touch.
Help to Buy - Equity Loan
How does it work?
The Government lends you up to 20% of the cost of your new-build home, so that you’ll only need a 5% cash deposit and 75% mortgage to make up the rest.
You will not be charged loan fees on the 20% loan for the first five years of owning your home.
The loan is paid back either at the end of the mortgage term, or when the property is sold.
We recommend that you read the full Help to Buy – Buyers Guide, produced by the government’s Homes and Communities Agency.
Help to Buy Equity Loan Buyers Guide
Am I eligible?
- The scheme is open to both first time buyers and existing home owners**.
- There is no maximum household income.
- You can purchase a property with a maximum value of £600,000.
- You will need a minimum 5% deposit to qualify.
- The maximum age is 75 years of age - as this impacts the mortgage.
**Home owners can reserve a new build property as long as their existing property has sold before completing on the new property.
Please visit the Homes and Communities website for Affordability Guidance.
How do I apply?
Have a look at our Help to Buy: Equity Loan Home Buying Journey so you can see the steps involved when buying your home. Why not also watch our short animation on buying with Equity Loan here.
Once you have found a suitable new-build property with a participating, registered builder - you will need to complete a Property Information Form and Reservation Form with the builder.
Registered House Builders
Both forms will then need to be submitted to us by email to EquityLoan@HelptoBuyagent2.org.uk.
We will then issue you an Authority to Proceed (ATP) document. Please do not apply for a mortgage until you have received this. The ATP will also advise you of the next steps.
You do not need to complete a Help to Buy Midlands and London application form unless you are also interested in the other Help to Buy schemes that we offer.