North West
01925 885400
South West
01837 841000

Menu

01925 885400

How Wainhomes and Help to Buy can help you find your new home

Help to Buy is the Government Scheme, which was launched in the 2013 budget, designed to help people purchase a new property with just 5% deposit by way of an equity loan from the Government of up to 20%. The aim of this scheme is to increase the supply of new homes in addition to the number of lower deposit mortgages with more favourable borrowing rates to the market.

Buying a new Wainhome has never been more affordable, thanks to Help to Buy; it can allow you to access a wider range of mortgage products at 75% loan to value. There are currently two different options for you to pursue if you're interested in a Help to Buy scheme which are Equity Loan and Mortgage Guarantee.

With significantly lower monthly repayments, it’s never been a better time to buy - take a look at our developments now.

 

  • Help to Buy has helped over 77,000 people in the UK move since it was introduced
  • You may only need a 5% deposit
  • The Government will lend you up to 20% of the purchase price (called an equity loan) interest free for the first 5 years
  • Helps you to secure a 75% mortgage
  • It is available to anyone looking to purchase a new house, not just first time buyers, up to the value of £600,000
Equity Loan
5% Deposit (£10,000)
20% Government Loan (£40,000)
75% Mortgage (£150,000)
Mortgage guarantee
5% Deposit (£10,000)
95% Mortgage (£190,000*)
 

Frequently Asked Questions

Can I buy a house now using Help to Buy?
If you have a 5% deposit and want to buy a new build home, you can now access the Help to Buy equity loan scheme.
Is the scheme right for me?
Help to Buy could be right for you if you are interested in a brand new home and want to keep your mortgage repayments as low as possible.
What do I do next?
If you have a specific development in mind please contact our friendly Sales Executives and they can arrange to show you around and discuss the ways in which we can help you move home.

We can also put you in touch with a recommended Independent Financial Advisor who will guide you through the Help to Buy application process.
What are the terms and conditions of the Help to Buy equity loan scheme?
Eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). Buyers are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required.

For the first five years there is no interest charged on the equity loan. At the start of year six a rate of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%. The equity loan is provided by the HCA and held as a second charge.
How much can I borrow? What about the mortgage?
Subject to meeting the eligibility criteria and affordability checks, you’ll be able to use the Help to Buy scheme to purchase a property with a value up to £600,000.

One of our recommended Independent Financial Advisors can give you more information on the financial detail and will guide you through the Help to Buy process.
Can I use this scheme if I have a house to sell?
Part Exchange is not available under Help to Buy.

Alternatively you can use Help to Buy on our Movemaker scheme which may allow you to reserve a new home, but you will only be able to progress your application once your current property is sold. Remember that we will manage the sale of this and also pay your Estate Agents fees!
Am I guaranteed to get a mortgage? Are there any criteria I need to meet?
Borrowers will need to meet appropriate tests to ensure they can pay back the mortgage, as well passing their chosen lender’s credit and affordability checks.

Our recommended Independent Financial Advisors will help you with this.
Start of Year Help to Buy equity loan assistance Estimated RPI %+1 Interest Rate Interest Payable Estimated monthly payment
1 £40,000 6% 0% £0 £0
2 £40,000 6% 0% £0 £0
3 £40,000 6% 0% £0 £0
4 £40,000 6% 0% £0 £0
5 £40,000 6% 0% £0 £0
6 £40,000 6% 1.75% £700 £58
7 £40,000 6% 1.86% £744 £62
8 £40,000 6% 1.97% £788 £66
9 £40,000 6% 2.08% £832 £69
10 £40,000 6% 2.21% £884 £74
 

Contact Wainhomes