Help To Buy

What is this and why do I need it?

Help to Buy is a government scheme to help first-time buyers get a property with just a 5% deposit. You can borrow 20% of the purchase price (40% in London), interest free for five years. This scheme opens to new applications from 16 December 2020 and will run until 31 March 2023. This guide will help you understand how this scheme can help you get on the property ladder and how similar schemes work in the different countries of the UK.

Help To Buy scheme not for you? Take a look at our – First Time Buyer information

What can Beesure provide?

In order to qualify for the Help to Buy scheme you will need to meet certain criteria set out by the government. Through our robust process we will ensure that you are able to qualify for the scheme prior to any mortgage application. Even if the Help to Buy Scheme isn’t the right option for you, we will explore all other options that may be available for you.

Why is Beesure the right choice?

​Traditionally, the high street lender has been the go-to for those looking to purchase their first homes. At Beesure, we have access to thousands of mortgage products across the whole of the market, including those on the high street but more importantly those exclusive products available only to mortgage brokers. We endeavour to get the right one for you and secure that dream home.

Request your free consultation now.

Frequently Asked Questions

What happens after 5 years?

The first five years of the Help to Buy equity loan is interest-free. After the interest-free years, you’ll be charged 1.75% on the outstanding amount as interest. This fee will increase each year by RPI plus 1% You only repay the interest, not the equity.

 

Is there an income limit for help to buy?

There is no maximum household income level. You will require at least a 5% deposit of the full purchase price of the property. You must take out a mortgage which will need to be for 25% or more of the full purchase price. Help to Buy is only available on new build homes.

 

What happens if I sell my Help To Buy home?

What happens when I sell my Help to Buy home? When you sell your Help to Buy home you will repay your equity loan at the same time. So if you initially purchased with a 75% mortgage and a 5% cash deposit and have made no other repayments you will repay 20% of the value of your home at the time you sell.

 

What are the minimum requirements?

The requirements may differ depending on the bank or mortgage provider but as standard most will require:

  • 3 Months pay slips
  • Bank statements
  • Tax return (if self-employed)
  • Work contract
  • A good credit score
  • Be a UK or EU resident:

 

As it currently stands Help to Buy schemes are not accepting applications from non-UK or EU residents. In other words if you are a foreign national you must have indefinite leave to stay in the UK.

Speak to one our team for a free no obligation initial consultation.

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