shared ownership application form

The Help to Buy Equity Loan (2021 – 2023) is a Government backed scheme for first time buyers looking to make their first step onto the property ladder. In the North West of England the maximum property purchase price is £224,400. The equity loan with the deposit you have saved and your repayment mortgage will cover the full purchase price of your new home.

 

How does the Help to Buy Equity Loan work?

  • Available to first time buyers only
  • The Equity Loan is interest-free for the first five years
  • You borrow a minimum of 5% and up to a maximum of 20% (40% in London) of the purchase price of a new build home
  • You will need a repayment mortgage of at least 25% of the purchase price. This is separate from the equity loan
  • The Equity Loan percentage you borrow is used to calculate your interest and equity loan repayments

Example on how the loan works:

Purchase Price £200,000

Buyer’s Deposit £10,000 (5% of the purchase price) 

Mortgage Amount £150,000 (75% of the purchase price)

Equity Loan £40,000 (20% of purchase price)

The deposit, repayment mortgage and equity loan will cover the cost of the purchase price.

You must repay your equity loan in full:

  • At the end of the equity loan term
  • When you pay off your repayment mortgage
  • If you sell your home
  • If you do not comply with the terms set out in the Equity Loan contract

 

House for sale in Widnes

Who can use the Help to Buy Equity Loan?

To be eligible for the Help to Buy Equity Loan:

  • You are over 18 years old and a first time buyer
  • The home you are buying must be the only home you own (including any property overseas)
  • You must be able to afford the fees and interest
  • You must pass the affordability/eligibility checks

You cannot get the equity loan if you:

  • Have ever owned a home or residential land in the UK or abroad
  • Had any form of sharia mortgage finance

The property must be:

  • A new build property
  • Not have been lived in by anyone before you buy it
  • Sold by a Help to Buy registered homebuilder
  • The only home you own and live in
  • You cannot sub-let or rent it out after you buy it

 

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Price Range:
Size SQ FT:
Bedrooms:

1 to 5 bedrooms

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Book a Viewing

To find out more about this property, get in touch! Our friendly and helpful team would be more than happy to answer all of your questions. To get in touch, simply complete the below contact form. 0333 0044777

To book a viewing of this property or to find out more details get in touch with a member of our helpful team. You can contact the team by filling in and submitting the below enquiry form. 0333 0044777

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