A little extra support, so that you don’t have to compromise
Help to Buy is a scheme created by the Government to help people purchase their own home. We know that once you’ve found your dream home, trying to save for a deposit can be frustrating – that’s why we’re pleased to offer many of our Legal & General Homes properties under the Government’s Help to Buy scheme.
Through Help to Buy, you can apply for an equity loan of up to 20% on any new build home valued up to £600,000 and you can secure a property with a deposit of just 5% of the purchase price. You won’t be charged fees on the 20% loan for the first five years of owning your home.
To qualify for Help to Buy, your chosen home can be up to £600,000 and you need to have a deposit of at least 5% of the price. The property you’re buying must be your only home – it can’t be a home you’re planning to rent out. Similarly, you can’t rent out your existing property and buy another using Help to Buy.
How the numbers add up
With a Help to Buy Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.Once your mortgage has been approved, your Help to Buy agent will supply an equity loan of up to 20% to finalise the purchase of your home.
For example, when buying a home worth £300,000, you would need:
- 5% Deposit – £15,000
- 20% Equity Loan – £60,000
- 75% Mortgage – £225,000
Use our Help to Buy Calculator
You can find out more information about Help to Buy in our free downloadable document.