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|WHAT IS HELP TO BUY?|
The 'Help to Buy Equity Loan' scheme was launched by the government in 2013 and is designed to make it easier to buy a new build home; even for those who can only put down a 5% deposit.
How does it work?
With a Help to Buy Equity Loan, the Government lends you up to 40% of the cost of your newly built home, so you will only need a 5% cash deposit and a 55% mortgage to make up the rest. You will not be charged loan fees on the 40% loan for the first five years of owning your home.
Purchase price: £400,000
5% Deposit £20,000
40% Shared Equity Loan £160,000
55% Mortgage £220,000
These figures are based on properties in London. For information on Help to Buy outside London please visit the governments website on Help to Buy.