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Help to Buy

Help to Buy is a government-backed scheme designed to help first time buyers get onto the property ladder. Provided as an equity loan, it could give you the financial boost you need to purchase your first brand new home.

Helping you take the first step

Help to Buy Logo

Help to Buy is available to first time buyers who want to purchase their first home. This ‘equity loan’ from the government covers up to 20% of the value of your new home where you only require a 5% deposit.
There are several criteria you need to meet to qualify for the Help to Buy scheme.

These are: Help to Buy Equity Loan – Eligibility Criteria

  • You only need a 5% deposit
  • You must have a repayment mortgage of at least 25% of the purchase price of your new home
  • Available for new build homes up to the value of £261,900 in this region
  • Available to first-time buyers only

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The benefits of Help to Buy

This Government-backed scheme could help you purchase your dream home through a generous equity loan. This loan is interest-free for 5 years and covers up to 20% of the purchase price. This allows you to buy with a smaller deposit, meaning you can buy your home sooner. Unlike with shared ownership schemes, with Help to Buy homeowners own 100% of their new home.

Paying off Help to Buy

Help to Buy repayments are interest-free for the first five years. In the sixth year, you will be charged a fee of 1.75% of the loan’s value. After this, the fee increases every year by the Consumer Price Index (CPI) plus 2%.

This loan is available to new build homes up to the value of £261,900 in the East Midlands. Loans vary depending on the loan amount required but you will need a mortgage of at least 25% of the property price to qualify.

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Support and Guidance

If you are interested in the Help to Buy scheme please feel free to speak to one of our Sales Advisors. Arkwood Living is a registered home builder with the Help to Buy Scheme and our advisors can provide you with information on your eligibility and which of our new homes are covered by the Help to Buy Scheme.
For more information download the Homebuyers Guide to Help to Buy: Equity Loan (2021-2023)

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