Since its introduction in 2013, the government-backed Help to Buy scheme has become one of the most spoken about topics in the housing market. In the six years since we first saw Help to Buy, more than 365,000 first-time buyers have completed their move with the assistance of the scheme. *
In an era where increased house prices and demand for homeownership are met with the challenges of saving money, the Help to Buy scheme has allowed a vast number of prospective buyers to make their dreams of buying their own home a reality.
While we are all aware of the term ‘Help to Buy’, just how does it work? We have outlined the key areas of the scheme, which could give you the leg up to get you on that first rung of the property ladder!
How does it work?
With a Help to Buy: Equity Loan, the Government funds the remaining 20% with an equity loan, meaning you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
What’s more, you won’t be charged loan fees on the 20% loan for the first five years of owning your home, and you will own 100% of your new Harron Home.
Who is eligible?
Equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000.
You won’t be able to sublet this home or enter a part exchange deal on your old home, and you must not own any other property at the time you buy your new home with a Help to Buy: Equity Loan.
Harron Homes is dedicated to making the dreams of our customers come true, and by offering the Help to Buy scheme, our customers are given extra support to make a luxury purchase which initially may have seemed unrealistic.
Do you fit the criteria? If you think that Help to Buy could be the way for you to buy your dream home, please click here.