Help to Buy
The Government backed equity scheme
The Help to Buy equity loan is available to first time buyers of new build properties.
- 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
- In year 6 a fee of 1.75% is payable rising by RPI inflation +1% each year thereafter
- 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 of £600,000
- Help to Buy is only available on new homes in England
- No limit on annual household income
Worked example based on a £180,000 purchase price:
|You arrange mortgage||(75%)||£135,000|
|Government equity loan||(20%)||£36,000|
|Total Purchase Price:||£180,000|
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.
All Wiggett Homes new build properties come with a 10 year NHBC guarantee.
Chancellor Philip Hammond announced as part of the Budget 2017, that stamp duty will be abolished immediately for first-time buyers buying a home of up to £300,000.
Please note, Help To Buy is subject to acceptance and subject to contract.