Help to Buy: Equity Loans
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
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.