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Help to Buy with St. Philips Homes

The Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.

You only need a 5% deposit to move into your St. Philips home

With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.

 

Help to Buy: Equity Loan

  • You’ll only need a 5% deposit to qualify.
  • It’s available to all home movers (not just first-time buyers) purchasing a single property who do not currently own a property in or outside of the UK.
  • The Government will lend you up to 20% of the value of your property through an equity loan, which can be repaid at any time within 25 years (or on the sale of your home, whichever is sooner).
  • So you’ll only need a 75% mortgage from a bank or building society.
  • The equity loan is interest-free for the first five years.
  • Maximum home purchase of £600,000 in England and £300,000 in Wales.

Who can use it?

Equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000.

You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with a Help to Buy: Equity Loan.

Help to Buy: Equity Loan scheme Example

 

Example: for a home with a £200,000 price tag

 

 

If the home in the example above sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.

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