The UK Government has extended Help to Buy Equity Loan scheme with the new rules coming into the place. The scheme is available from April 2021 and will be running up until March 2023. Help to Buy Equity Loan is an affordable home ownership scheme that is designed to help those struggling to save for a deposit for a new home to get on to the housing ladder in England.

The Equity Loan is a loan from the government that you put towards the cost of buying a newly built home. To qualify for Help to Buy you will need to be a first-time buyer, have a deposit of at least 5% of the house purchase price and arrange a repayment mortgage of at least 25% of the property purchase price. The scheme works only with a registered Help to Buy homebuilder. You can buy a home up to and including the maximum property purchase price limit which depends on where about in England you are buying;

You can borrow a minimum of 5% and up to a maximum of 20% (40% in London) of the full purchase price of a new build home. If you have a partner, they have to be a first-time buyer as well. The percentage you borrow is based on the market value of your new home at the time you buy it. The scheme is interest-free for 5 years, after that you start to pay interest depending on the loan amount you originally borrowed. The Equity Loan can be fully or partly repaid at any time, although a part payment must be at least 10% of what your home is worth at the time of repayment.

Bowbridge Homes will be releasing more Help to Buy plots for Northdale Park at Raunds. The home development will fall under the region cap of East Midlands which is £261,900.00.

For more information and to speak to a Financial Advisor to see if you are eligible, contact the Northdale Park sales team on:

07597 507087

northdalepark@connells.co.uk