Help to buy
The Help to Buy Scheme in England is only available to both first-time buyers and previous homeowners until 31 March 2021! You can read more about the current scheme on the government's website.
You’ve still got time to take advantage of the Government’s current Help to Buy Scheme, before changes are made in April 2021, when it will only apply to first-time buyers and include new maximum regional house price caps. Find out what the scheme will look like from 2021-2023 by visiting the government's website.
If you're searching for a new home in Wales, Help to Buy Wales is available to all buyers purchasing a new-build home under £300,000 up to the end of December 2021. You can go to the government's website for more information.
The current Help to Buy scheme is designed to help both first time buyers and previous homeowners by making mortgages more affordable when buying a new build home worth £600,000 or less.
The scheme is offered by the Government to help give people a leg-up in buying their own home.
Whether you are a first-time buyer or want to move up the property ladder, the scheme can allow you to buy a new-build home with a deposit from as little as 5%.
By saving just a 5% deposit, you could receive a Government equity loan of up to 20% of the purchase price, or 40% in Greater London.
There are no loan fees charged on the 20% loan for the first five years of owning your home, which helps to make your monthly mortgage repayments more affordable. You can pay back the loan at any time, or alternatively when you sell your home.
If you still have the loan when you do come to sell, you will repay it at this stage. So, if you initially purchased with a 5% deposit and 75% mortgage, you would need to repay 20% of the home’s value at the time you sell.
If you are still living at the property and have not repaid the Help to Buy equity loan in full after five years, you will need to pay an interest fee of 1.75% of the amount of your equity loan at the time you purchased your property. This rises annually from the fifth anniversary of your equity loan by the increase (if any) in the Retail Price Index (RPI) plus 1%.
Take advantage of the benefits that are currently available:
- Only a 5% deposit needed
- 20% interest free loan for 5 years
- 100% ownership of your home
- Better access to competitive mortgage rates
- Buying is more affordable with lower monthly payments
Help to Buy requirements:
- It covers full home ownership only, and is therefore not available for shared equity or shared ownership.
- It is available for the purchase of a person’s primary home only, so not for additional homes, investment or buy-to-let purchases.
- It only applies to capital repayment mortgages rather than interest-only mortgages.
- Buyers must not receive help with their deposit from a local authority or other public body.
- A HomeBuy agent check will be required.
Our mortgage calculator on each property page can help you find out how much deposit you might need in order to borrow your desired amount, and what your mortgage amount could be.
*20%/40% loan is interest free for the first 5 years. 5% deposit is applicable with the Government’s Help to Buy scheme. Calculation above is indicative only. Available on selected plots only. Buyers will need to have sufficient funds to pay legal and sundry costs. Equity deposit percentage may be subject to lender’s and Government criteria. Prospective buyers should always seek independent financial advice before proceeding. Countryside works with a number of independent financial advisers who are able to provide appropriate advice. Countryside terms and conditions apply. Subject to status.