Help to Buy
The Government backed equity scheme
The Help to Buy equity loan is available to first time buyers looking to move to a new build property. This scheme began on the 1st April 2021 and ends March 2023.
- You only need a minimum 5% deposit to qualify
- The Government will lend you up to 20% of the value of your property through an equity loan
- The loan can be repaid at any time or on the sale of your home
- The loan will be interest free for the first 5 years
- From year 6 a monthly fee of 1.75% of the equity loan is payable
- The interest rate will rise each year in April by the Consumer Price Index (CPI), plus 2%
- You continue to pay interest until the loan is repaid in full
- You will only need to secure up to a 75% mortgage from a participating bank or building society (Halifax, Lloyds TSB, Barclays, NatWest)*
- Only available on new build homes
- There is a maximum home purchase price (in the North West) of £224,400
- No limit on annual household income
Worked example based on a £200,000 purchase price:
|You arrange mortgage||(75%)||£150,000|
|Government equity loan||(20%)||£40,000|
|Total Purchase Price:||£200,000|
If you wish to apply for Help to Buy funding on your new home you should complete a Property Information Form, which is available from our sales offices and return it to your Wiggett Homes representative.
To view the 2021 - 2023 Government Help to Buy Equity Loan scheme, please click here.
All Wiggett Homes new build properties come with a 10 year NHBC or LABC guarantee.
Please note, Help To Buy is subject to acceptance and subject to contract.