Help to Buy

Looking to buy a brand new home but can’t quite save a big enough deposit? Help to Buy is a government equity loan scheme that will top up what you can afford, making that new home purchase more affordable, and helping you to achieve it sooner.

 

If you’re a first time buyer with a 5% deposit, and can get a mortgage for 75%, or 55% in London, of the value of the home, you could get a Help to Buy equity loan to cover the remaining 20% in the counties and 40% in London.

 

Let’s say the new home you’d like to buy is valued at £300,000. You’ll need a minimum 5% deposit of £15,000, be able to get a mortgage of £225,000, with the rest being covered by the equity loan.

 

Available exclusively to first time buyers, simply find a new development with us that’s offering Help to Buy, and we’ll help you move into your perfect first home.

 

Help to Buy is available on new homes across the country, however qualifying homes will depend on where the home is, and how much it is being sold for. For example, in London, Help to Buy is available on new homes up to £600,000, but in Sussex, it's up to £437,600. The loan is interest free for the first 5 years, then from year 6 the loan will have a 1.75% interest rate, rising by the Consumer Price Index (CPI), plus 2% each April. This must be paid back within 25 years, when you pay off your mortgage or on sale of the home, whichever comes first.

 

So, if you’re looking to buy your first home and step on to, or move up the property ladder to suit your growing family or need for more space, Help to Buy with Optivo could be the option for you.