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Help to Buy

Help to Buy

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

Help to Buy is a Government Scheme, designed to help first time buyers take their first steps onto the property ladder.

The scheme provides an equity loan of up to 20% of the market value of a newly built home, which is interest free for the first five years. This means you only need a low deposit of 5% and a mortgage of 75% to buy your first home.

With significantly lower monthly repayments Help to Buy can help make your new Wainhome a reality. For more information on the homes available on this scheme please speak to one of our Sales Executives.

Further information on the Help to Buy: Equity Loan scheme can be found in the ‘Homebuyers Guide to Help to Buy Equity Loan’.

Equity
Homebuyers 5% Deposit (£10,000)
20% Government Loan (£40,000)
75% Mortgage from repayment mortgage lender (£150,000)
(The graphic supplied is based on an example house price of £200,000 and only for illustrative purposes)
Please note: From April 2021 Help to Buy is only available to first time buyers. The previous Help to Buy scheme, which was also open to those with a house to sell is no longer taking new applications.
You can find out more about this change on the Help to Buy website.

Frequently Asked Questions

LogoWhat is Help to Buy: Equity Loan?
Help to Buy: Equity Loan is a loan from the Government that you put towards the cost of buying a newly built home.

If you are a first time buyer you can apply to borrow up to 20% of the market value of your newly built home.

You can apply for Help to Buy when you reserve your new home with Wainhomes, a Help to Buy registered homebuilder.
LogoWho provide the loan?
Help to Buy: Equity Loan is provided by the Homes and Communities Agency (trading as Homes England).
LogoHow does it work?
Homes England will lend you a minimum of 5% and up to 20% of the market value of your newly built home.

The amount you can spend on the home depends on where in England you buy it.

In the areas of England where Wainhomes builds new homes, the maximum property values for Help to Buy: Equity Loan are:
  • North West: £224,400
  • South West including Severn Valley: £349,000
You must pay a minimum deposit of 5% of the purchase price and arrange a repayment mortgage for the balance, which must be at least 25% of the purchase price of your new home.

The equity loan is secured against your property in the same way a repayment mortgage is. The Help to Buy: Equity Loan scheme is not regulated by the Financial Conduct Authority (FCA).
LogoAm I eligible?
To be eligible for Help to Buy: Equity Loan 2021-2023 you must be a first-time buyer.

You and anyone else your are buying a home with must not own a home or residential land now, or in the past, in the UK or abroad.
LogoCan I buy any property using Help to Buy?
The scheme is only available to new build homes, and maximum prices do apply to the value of the home you buy.

Your Wainhome Sales Executive will be able to advise on whether the home you are interested in is eligible for Help to Buy.
LogoIs the scheme right for me?
If you are a first time buyer Help to Buy could be right for you if you want to keep your mortgage repayments as low as possible.
LogoAre there any restrictions under the scheme?
You must be a first time buyer. You cannot use Help to Buy in conjunction with any other scheme.
LogoHow much deposit do I need?
You need a minimum of 5% deposit.
LogoWhat do I do next?
If you have a specific development in mind please contact our friendly Sales Executives and they can arrange an appointment to discuss 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.
LogoWhat are the terms and conditions of Help to Buy: Equity Loan scheme?
Eligible applicants will be offered an equity loan up to a maximum of 20% of the purchase price (based on open market value).

Buyers are required to fund the remaining 80% of the purchase price by means of a conventional mortgage, and a deposit of at least 5%.

For the first five years there is no interest charged on the equity loan although you will pay a £1 monthly management fee.

At the start of year six an interest rate of 1.75% is payable on the equity loan, which rises annually by the Consumer Price Index (CPI), plus 2%.

You must repay the equity loan when you pay off your repayment mortgage, sell your home or reach the end of your loan term, normally 25 years.

For more information see the ‘Homebuyers Guide to Help to Buy Equity Loan’.
LogoHow 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 £224,400 in the North West and £349,000 in the South West.

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.
LogoCan I use this scheme if I have a house to sell?
No. From April 2021 the Help to Buy: Equity Loan scheme is only open to first time buyers.

The old scheme, which was also open to applicants with a house to sell, is no longer taking new applications.
LogoAm 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.
 

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