Impartial advice

The advice we provide is impartial and we are not tied to any one lender/insurer.

Available weekends

We have consultants available seven days a week to speak to.

Initial consultation

We offer a free initial consultation, with no obligation.**

We’re experienced in providing help for the Shared Equity Scheme…

Help to Buy was launched by the government in April 2021 to support and drive purchases of New Build Homes. The main aim of it is to improve the access to and affordability of mortgages – specifically for those people who cannot afford a large deposit.

This scheme has recently been extended out to 2020, so should be available to even more prospective purchasers.

The Key Facts about Help to Buy

The Government will lend you up to 20% of the value of your new property through an equity loan, which will be interest-free for the first five years and can be repaid at any time or on the sale of your home. Customers will only need a minimum 5% deposit to qualify. Help to Buy is available to all purchasers, not just first-time buyers. The scheme is available from 1 April 2013 on all new build homes in England up to the value of £600,000. There is no household annual income limit, but it is only available on new build properties and customers will only need to secure up to a 75% through a traditional mortgage.

How it works

The Government will lend up to 20% of the value of a new build home through an equity loan, which must be used as a deposit to purchase the property. In addition to this the buyer must contribute at least a 5% deposit (although they can contribute more). The buyer must then secure a mortgage for the remaining balance from a participating lender. Again one of our specialists will help you identify which provider will work best for your circumstances.

Who is eligible?

The equity loan will be available to all purchasers of newly built homes, not just first time buyers, although it is restricted to a maximum property value of £600,000. All purchasers will also be subject to a Housing & Communities Agency (HCA) affordability check.

What does it cost?

The government equity loan is interest free for the first five years after which a fee of 1.75% will be charged from year six, rising annually by RPI inflation plus 1%. The equity loan can be repaid at any time within the term of the mortgage. This can be done via savings, raising capital against the property (re-mortgaging) or on sale of the property.  At this point the property will be revalued and you will repay the same percentage as your initial equity loan (i.e. 20%) but this will be of the future house value. Therefore you could repay more than you initially borrowed on day 1.

For advice on Help To Buy 1 (Shared Equity Scheme) please contact us on 01604 877999

 

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*By submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements. You voluntarily choose to provide personal details to us via the website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 1998. You agree that such personal information may be used to provide you with the details of services and products in writing by email or by telephone.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to customers based in the UK.

**There may be a fee for mortgage advice. The precise amount will depend on your circumstances. We estimate that it will be £150.00 but it may range from £150.00 to 0.5% of the loan amount (so for a mortgage of £100,000 the fee would be a maximum of £500). £150.00 of this fee will be payable on application. In addition to this we will be paid commission by the lender. Full details of fees will be agreed with you at outset.

Grange Mortgage and Protection Services Ltd is an Appointed Representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

The Financial Conduct Authority does not regulate will writing.