Help to Buy

Help to Buy is a Government-backed scheme that helps first-time buyers to purchase a new build home with as little as a 5% deposit. A number of Devonshire Homes properties are available with the Help to Buy: Equity Loan incentive; which means you could purchase your new Devonshire Homes property sooner than you might have been able to otherwise.

How does the Help to Buy:
Equity Loan work?

1. Once you’ve found your ideal home on one of our Devonshire Homes developments, you will need a deposit of 5% to reserve the property.
2. The Government will lend you up to 20% of the value of your new home through an equity loan. This equity loan is interest-free for the first 5 years and can be repaid at any time within 25 years (or on the sale of your home, whichever is sooner).
3. You then need to secure a mortgage for the remaining 75%.

Certain conditions apply:

• Help to Buy is only available to first time buyers
• The scheme is available exclusively on new-build homes only
• To be eligible you (or anyone you’re buying a home with) must not have owned a home or residential land in the past in the UK, or abroad, and not have had any form of sharia mortgage finance
• Homes that qualify for the new Help to Buy scheme in England are subject to a regional price cap; in the South West the scheme is capped at new build homes up to £349,000
• Your mortgage must be capital repayment (not interest only)
• Help to Buy is only available on properties occupied by the mortgage holder(s) (not buy-to-let)
• The Help to Buy: Equity Loan scheme began on 16th December 2020 and runs until March 2023

For more information regarding the Help to Buy: Equity Loan scheme please click here.

Please do contact our sales team at your selected development and they will also be able to give you more information.