Help to Buy 


The Help to Buy scheme offers an equity loan where the government lends first-time buyers and existing homeowners money to buy a newly-built home.

Regional Help to Buy


With a Help to Buy Equity Loan, the Government lends you up to 20% of the cost of your new 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 is available on homes up to a maximum price of £600,000 and is open to first time buyers and movers until March 2021. After that, a new Help to Buy Equity Loan for first time buyers only will replace it and the amount you can spend on your home will depend on where in England you are moving to (see the below regional property price caps).

London Help to Buy

 

Government equity loan of up to 40% which is interest free for the first five years You organise a mortgage for 55% of the purchase price You put in a 5% deposit of the purchase price Available on new build homes up to £600,000

 

There are a range of competitive mortgage rates available with both the London and regional Help to Buy schemes, so it’s worth comparing lenders to find the best deal. We can introduce you to one of our independent Mortgage Advisers who will search the market and be able to find you the best deal possible. See our Mortgage advice section.

 

There are a few important conditions:

The home you buy must be your only residence.

The scheme isn’t available for buy-to-let investors

The scheme isn’t available to those who will own any other property after completion.

 

For more information call us on +44 (0) 1530 417385 and we can introduce you to a Sales Executive, who will be able to provide guidance on whether you qualify for the scheme.

Help to Buy FAQs

What is Help to Buy?

It is an initiative where buyers may qualify for equity loan assistance from the Government. Depending on whether you are purchasing a home from England or Scotland the amount will vary. In England, the Government can lend you up to 20%. Please see specific Help to Buy pages for England and Scotland for more information.

 

Can I Use Help To Buy On Any Home?

No, Help to Buy only applies for new build homes up to the maximum purchase price of £600,000 in England. In April 2021, the maximum purchase price Help to Buy England will come down in most areas.

 

Will I Require A Deposit?

Yes, you will be required to fund a minimum deposit of at least 5%, based on the full purchase price. A maximum of up to 60% deposit can be used.

 

Do I Still Need A Mortgage?

Yes, depending on how much deposit you place and the amount of loan you can receive from the Government you will still need to fund the remaining balance of up to 75% of the purchase price in England.

 

Is Help To Buy A Shared Ownershop Scheme?

No. With the Help to Buy Equity Loan, you purchase 100% of your home and legally own 100% of your home.

 

Is The Scheme Just For First Time Buyers?

No, both first time buyers and existing homeowners who are moving to a new home may take advantage of this scheme. In April 2021, the rules will change for Help to Buy England, and it will only be available to first time buyers.

 

Can I Use Help to Buy For A Buy-To-Let Property?

The scheme is only available on properties that will be occupied by the person or persons who have taken out the mortgage (owner occupier) and it must be your only residence.

 

Can I Buy A Home Off Plan?

Yes, you are able to reserve a new home off-plan.

 

Who Pays for Repairs and Ongoing Maintenance to My Home?

It is your responsibility to repair and maintain your home. Brookland homes will come with a 2 year guarantee and a warranty that will cover certain defects for up to 10 years after it was built. Please ask a Brookland representative for more information.

 

Will I Require Other Funds?

Yes, you will be required to fund a reservation fee and other relevant costs associated with purchasing a home such as Stamp Duty Land Tax/Land and Buildings Transaction Tax and legal fees.

Help to buy equity loan is changing on 1 April 2021


Help to buy equity loan until March 2021* open to first time buyers and home movers. You must have a deposit of 5% or more, borrow up to 20% of the property price in the regions maximum property price £600,000

Help to buy equity loan from April 2021* open to first time buyers only. You must have a deposit of 5% or more, borrow up to 20% of the property price in the regions regional price caps between £186,000 to £600,000 (*subject to eligibility checks)