Help to Buy

The Government backed equity scheme

The Help to Buy equity loan is available to first time buyers of new build properties.

  • You only need a minimum 5% deposit to qualify
  • The Government will lend you up to 20% of the value of your property through an equity loan
  • The loan can be repaid at any time or on the sale of your home
  • The loan will be interest free for the first 5 years
  • In year 6 a fee of 1.75% is payable rising by RPI inflation +1% each year thereafter
  • You will only need to secure up to a 75% mortgage from a participating bank or building society (Halifax, Lloyds TSB, Barclays, NatWest)*
  • Only available on new build homes
  • There is a maximum home purchase price of £600,000
  • Help to Buy is only available on new homes in England
  • No limit on annual household income

Worked example based on a £180,000 purchase price:

You arrange mortgage (75%) £135,000
Deposit (5%) £9,000
Government equity loan (20%) £36,000
Total Purchase Price: £180,000

If you wish to apply for Help to Buy funding on your new home you should complete a Property Information Form, which is available from our sales offices and return it to your Wiggett Homes representative.

https://www.helptobuy.gov.uk

All Wiggett Homes new build properties come with a 10 year NHBC guarantee.

Chancellor Philip Hammond announced as part of the Budget 2017, that stamp duty will be abolished immediately for first-time buyers buying a home of up to £300,000.

Please note, Help To Buy is subject to acceptance and subject to contract.