A Help to Buy is available to first time home buyers and homeowners looking to move into a newly built home with a price of up to £600,000. The Government will lend you up to 20% of the cost of this home and you won’t be charged loan fees on this loan for the first five years of home ownership. This means you will only need a 75% mortgage and a 5% cash deposit to buy your new home. This scheme is only available in England.
To ensure you make your home purchase on a sound basis, your main lender’s mortgage must be a repayment loan with interest and capital repaid every month and that your mortgage is valid through to legal completion.
You are permitted to use funding from public sector bodies such as your council or Housing Association to purchase your home, provided the body is satisfied their funding is compatible with the Help to Buy scheme and the purchase is good value for money.
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