Utilize our Help to Buy calculator to see whether or not you have the financial means to purchase a home with the assistance of a Help to Buy equity loan.
Based on your income, the price of the property, and the location, our Help to Buy calculator will provide you with a rapid estimate of whether or not you are likely to be able to purchase a home with the assistance of a Help to Buy equity loan.
How does the Help to Buy programme operate in various regions of the UK?
Homebuyers are able to acquire newly-built properties with the assistance of a government loan thanks to the Help to Buy equity loan programme. The maximum loan amount and property price are both reliant on the location of the prospective purchase.
There are regional price limitations in existence in England, although they do not apply to the city of London. These caps limit the maximum cost of homes that can be sold under the scheme. An equity loan covering up to twenty percent of the value of the property can be obtained by the borrower.
In London, qualifying properties have a price tag of up to 600,000 pounds. You are able to take out an equity loan for up to forty percent of the property’s value.
Homes in Wales with prices up to two hundred and fifty thousand pounds are eligible. You are able to take out an equity loan for up to twenty percent of the property’s value.
The Help to Buy programme in Scotland stopped accepting new applications in February of 2021, and there is currently no comparable programme available in Northern Ireland.
Are you eligible for Help to Buy?
Only newly constructed homes are eligible for equity loans through the Help to Buy programme. In England, only first-time purchasers are eligible for the programme, however in Wales, first-time buyers and home-movers are both able to take advantage of the programme.
To qualify, you must:
have at least 5 percent deposit
be making plans to purchase a home within the price range specified by the programme.
purchasing a property that you intend to use as your primary residence after making the purchase
Learn more about the “Help to Buy” programme.
There are a variety of benefits and drawbacks associated with the Help to Buy scheme, despite the fact that it may appear to be a no-brainer to take out a Help to Buy equity loan in order to increase your purchasing power.