Move into your first home with just a 5% deposit*
Make the most of this Government-backed scheme for Help to Buy homes and move into your AG Homes new build home with as little as a 5% deposit. Equity Loan is a great incentive that allow that allows you to buy a brand-new home much sooner than you may have been able to otherwise. Find out more information about the Help to Buy property scheme below.
*Help to Buy: Equity Loan, subject to eligibility, terms and conditions.
How does the Help to Buy: Equity Loan work?
• Help to Buy homes: only new build homes qualify.
• You’ll need a minimum of 5% deposit to qualify.
• It’s available to first-time buyers purchasing a single property who do not currently own a property in or outside of the UK only.
• The Government will lend you up to 20% of the value of your new home through an equity loan, which can be repaid at any time within 25 years (or on the sale of your home, whichever is sooner).
• Meaning you’ll only need to secure up to 75% mortgage from a bank or building society.
• The equity loan is interest-free for the first five years.
• In London, the higher property costs are reflected by a 40% equity loan being offered, meaning you only need to secure a 55% mortgage.
• The price of a Help to Buy house depends on where it is in England.
Who can use the Help to Buy: Equity Loan?
The Help to Buy: Equity Loan is a scheme that’s available to first time buyers in England.
To be eligible, you or anyone you’re buying a home with must not own a home or residential land now or in the past in the UK or abroad and not have had any form of sharia mortgage finance. All applications made by anyone that is married or in a civil partnership will have to be a joint application with their spouse or civil partner. You will need to sign a legal declaration to confirm that you are first-time buyers. Your conveyancer will explain this to you.
How long will the Help to Buy scheme run for?
The Help to Buy: Equity Loan scheme began accepting applications on 16th December 2020. This scheme will run until March 2023. We are now able to start taking reservations using Help to Buy for homes completing after March 2021.