Help to buy

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With just a 5% deposit needed with a 75% mortgage, see how the Government-backed Help to Buy - Equity loan scheme could help you open the door to home ownership.

What is Help to Buy - Equity Loan?

The Help to Buy - Equity Loan is a Government-backed scheme exclusive to new build homes. It was set up by the Government in 2013 and has already helped thousands to make their move onto or up the property ladder.

The idea behind the scheme is that, with the Government providing a portion of the required equity in the form of the equity loan, homebuyers need to borrow less from traditional lenders, and require a smaller deposit.

With the Help to Buy - Equity Loan - a dream move into a brand new Bovis Home could be closer than you think.

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How does the Help to Buy – Equity Loan work?

By using the scheme you need just a 5% cash deposit, with the Government providing an equity loan of up to 20% of the value of the property you’re buying. You then need to secure up to a 75% mortgage which opens the door to more competitive lending rates, and may make your repayments more affordable than you first thought.

What’s more, you won’t be charged interest or fees on the Government equity loan for the first five years of owning your home, and you can choose to repay the equity loan at any time without penalty, or on the sale of your home.

The scheme is available for first-time buyers and existing homeowners alike, on new homes up to a maximum purchase price of £600,000.

So if you thought a high-quality brand new home was out of reach – think again. Come and speak to one of our sales advisors, and let’s see if we can get you moving.

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Take a look at our handy Help to Buy mortgage calculator to work out your maximum purchase price, mortgage required, and estimated monthly repayments based on the deposit you have available.

For more information on the Help to Buy - Equity loan, view the Help to Buy Buyers' Guide. This explains how the scheme works with financial examples, along with details on the buying process.

What is Help to Buy - ISA?

If you are saving to buy your first home, the Help to Buy: ISA can help you make more of your money. By opening one of these Government-backed savings accounts, you could boost your investments by 25%.

So, for every £200 you save, you will receive a Government bonus of £50, up to a maximum bonus of £3,000. You can make an initial deposit of £1,000 when you open the account, then up to £200 a month from then on.

The Help to Buy: ISA is available from a range of banks, building societies and credit unions.

The accounts are available to each first time buyer, not each household. This means that if you are planning to buy with your partner, for example, you could receive a Government bonus of up to £6,000 towards your first home!

Who is eligible for the Help to Buy: ISA?

To qualify for a Help to Buy: ISA you must:

  • be 16 or over
  • have a valid National Insurance number
  • be a UK resident
  • be a first time buyer, and not own a property anywhere in the world
  • not have another active cash ISA in the same tax year: If you have opened a cash ISA this tax year, you can open a Help to Buy: ISA but will have to take additional steps. See the FAQ for more detail.
  • the bonus is available on home purchases of up to £450,000 in London and up to £250,000 outside London.

Buyer stories

The Help to Buy scheme was great! We used the recommended financial advisor who made the process so quick and easy. It took all the hassle away from trying to do it ourselves!

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Our cousins live further south and they used the Help to Buy scheme and recommended it. It’s been a very straightforward initiative, the Bovis Homes sales team has been absolutely amazing.

Read their story
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