Help to Buy Scheme
The government Help to Buy scheme has been developed to make buying a new home more affordable - meaning you can move into your dream Compendium Living home far sooner than you ever could imagine!
What is Help to Buy?
This government-backed scheme means you can buy a new-build home with just a 5% deposit – far smaller than the usual deposits required by mortgage lenders, meaning that you’ll face less pressure trying to save a deposit, and can buy your new home sooner!
There are two options available on the Help to buy scheme: equity loans and mortgage guarantees.
Help to Buy Equity Loans
The equity loan is the perfect choice for those who haven’t yet saved up a lot of money, as it allows you to buy a property with just a 5% deposit. Another 20% will be provided as a loan by the government, enabling you to get a mortgage of just 75%.
Equity loans are:
- Available on properties costing not more than £600,000
- Only available on new-build homes
- Not available on buy-to-let properties
- Open to both first time buyers and home movers
Help to Buy Mortgage Guarantee
The Help to Buy mortgage guarantee is another option for making home buying more affordable. With the scheme, you can buy a home with a deposit of just 5% of the purchase price, and thanks to the government’s backing, lenders can offer buyers a higher loan value – up to 95%.
- Available on new build and older homes
- Available on properties worth £600,000 or less
- Not available on shared ownership or shared equity properties
Take a look at our Help to Buy infographic to find out more about the scheme, or download the Help to Buy leaflet today.Download the