Help to Buy
The popular government Help to Buy: Equity Loan is now available until 2021. It enables eligible home buyers to move in with just a 5% deposit and a 75% mortgage. The government will provide up to 20% of the value of the property as an equity loan.
What is the Help to Buy: Equity Loan?
- You only need a minimum 5% deposit
- The Government loans you up to 20% of the value of the property which is interest-free for five years, making your dream home more affordable. The loan can be re-paid at any time, at the end of 5 years, or when your house is sold
- You only need to secure a 75% mortgage from a bank or building society
- You own 100% of your new Rippon Home
The Help to Buy: Equity Loan is available for first time buyers, but existing homeowners can benefit too providing:
- the home you buy must be your only residence
- the scheme isn’t available for buy-to-let investors
- the scheme isn’t available to those who will own any other property after completion.
- the scheme is available on homes up to the value of £600,000 in England