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.
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:
To be eligible for the Help to Buy Equity Loan:
You cannot get the equity loan if you:
The property must be: