Help To Buy Mortgage

A help to buy mortgage is a government-backed initiative to give first-time buyers and existing homeowners the opportunity of purchasing a new build house or flat with as little as 5% deposit.

To secure a help to buy mortgage you need to contribute a minimum of 5% of your own money towards the house purchase – you can find out what you’d need to save by visiting our mortgage calculator.

The rest of the deposit is made up of a loan from the government whereby you can borrow 20% of the purchase price interest-free for the first five years, or 40% under the London Help to Buy scheme.

help to buy

Points to consider

There are a few points to consider if you are thinking of going down the Help to buy mortgage scheme. It is only available for first-time buyers or those who have previously owned a property looking to buy a brand new (newbuild) house, so you won’t qualify for the scheme if you are looking at a buy to let or as a second home.

A Help to buy mortgage is interest-free for the first five years so after this, you will start paying interest on the original government loan. The loan must also be repaid when the mortgage term ends or you decide to sell the house, whichever comes first.

Help to Buy for the Armed forces

There is also a Help to buy option for the Armed forces, whereby active servicemen and women can borrow up to 50% of their salary, interest-free to use as a deposit. The maximum loan amount available in this scheme is £25,000, which must be repaid over 10 years.

If you are based in Scotland or Wales, there are also slightly different criteria for Help to Buy in Scotland and Help to Buy in Wales, however we can take you through the options and help you find the perfect mortgage for your new home.

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Because we play by the book we want to tell you that...

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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