Help to Buy

A Government backed scheme that could bring a brand new home within your reach sooner than you think.

This initiative is available to first time buyers and existing homeowners, and combines a low 5% deposit with a 20% equity loan from the Government and low mortgage rates for the remaining 75%.

How does it work?

Once you’ve found your ideal home, you put down a deposit of 5%, and the Government provides you with an equity loan of up to 20% of the value of the property. That loan is interest free for the first 5 years, and can be repaid at any time within 25 years (or the term of the mortgage), or on the sale of the property. You secure a mortgage for the remaining 75% in the usual way, but usually at much lower rates than you would be eligible for with a 95% mortgage.

Certain conditions apply:

  • Help to Buy is only available on new build homes
  • 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)
  • Your property can’t be worth more than £600,000

For more information on the scheme, or to find out how to get Help to Buy a new Devonshire Home, please get in touch and one of our advisers will be happy to help.