WHAT IS THE HELP TO BUY: EQUITY LOAN?
You can now apply for the new Help to Buy: Equity Loan (2021-2023) scheme*. Applications are available to first time buyers only on new-build homes with an East Midlands region maximum purchase price cap of £261,900. It enables you to buy with just a 5% deposit and a 75% mortgage. The government will provide up to 20% of the value of the property as a Help to Buy: Equity Loan.
THE BENEFITS OF HELP TO BUY
Open to first time buyers only on New-Build homes
You only need a minimum 5% deposit from your own funds or a parental gift to qualify
You will only need to secure up to a 75% mortgage from a bank or building society
The loan can be repaid at any time or on the sale of your home
The Government funds the remaining 20% with a defered Help to Buy: Equity Loan
You will not be charged interest on the 20% loan for the first five years
Available on New-Build Homes up to an East Midlands region maximum purchase price cap of £261,900
You own 100% of your new Rippon home
*YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Help to Buy: Equity Loan (2021-2023) price is 80% of the full purchase price. Subject to status, Help to Buy: Equity Loan (2021-2023) terms and condi-tions apply, and available on selected properties.
The Help to Buy: Equity Loan (2021-2023) scheme is open to first time buyers only. Applications are available on new-build homes with an East Midlands region maximum purchase price cap of £261,900. You must not own a home or residential land now or in the past in the UK or abroad or have any form of sharia mortgage finance. Rippon Homes does not provide mortgages and cannot give any financial advice.
You must fund a minimum of 80% of the purchase price. The equity loan will need to be repaid when the property is sold or after 25 years i.e. up to 20% of the property’s total sale price. You will also require adequate funds to cover legal costs and moving fees.
To be eligible you must meet the criteria set down by the Government scheme. The amount of deposit required may vary depending on the scheme rules and the lender for the mortgage fi-nance. If you are in any doubt about this scheme please seek independent advice.
Rippon Homes reserve the right to amend/withdraw any offers at any time. Rippon Homes terms and conditions apply subject to availability. Not to be used in conjunction with any other offer or selling scheme.