First-time purchasers and homeowners who want to move have access to equity loans. Your desired residence must be newly built and cost no more than £600,000.
You won’t be able to sublet this home or enter a part exchange deal on your old home. When you use a Help to Buy: Equity Loan to purchase your new house, you cannot already be a homeowner of any other property.
Get in touch with ProLead Mortgages to understand the process of applying for Help to Buy, and the many benefits and get all your queries addressed.
There are significant differences between Help to Buy and Shared Ownership, but the key difference is that with Help to Buy, you purchase and legally own all of the property. In contrast, the Shared Ownership scheme allows buyers to purchase a share of a property (usually between 25-75%), paying a mortgage on the part they own and a subsidised rent to their provider on the rest.
Yes, the home will be in your name, implying you can sell it at any time without hassles. You have to pay back the equity loan when you sell the home or at the end of the mortgage period- whichever comes first.
Yes, a buyer can put in more than a 5% deposit when using Help to Buy meaning they can take less out as a mortgage or a smaller equity loan. The only guideline around this is that a buyer has to take out at least 25% of the Full Purchase Price as a mortgage.
Yes, it all depends on whether you can take out a mortgage with a lender. The Help to Buy Agent doesn’t do any credit checks just an affordability check on your current situation. All the credit checks will be done with the mortgage lender
