Help to Buy
Help to Buy Burton
With Help to Buy, the buyer buys a new home on a new build development with assistance from Homes England in the form of an equity loan.
For Help to Buy in England, not London, you must take out a first mortgage (with a qualifying lending institution e.g. a bank or building society) for at least 25% of the value of the property you wish to purchase. This mortgage, together with any cash contribution from you, must be a minimum of 80% of the full purchase price. The maximum full purchase price is £600,000.
For London Help to Buy 40% equity loan assistance, your first mortgage must be at least 25% of the value of the property you wish to purchase. The mortgage, together with the cash contribution from you, must be a minimum of 60% of the purchase price. The maximum full purchase price is £600,000.
Your cash deposit contribution must always be a minimum of 5% of the full purchase price.
Homes England will provide an equity loan to fund the balance needed to make up the full purchase price of your home, up to a maximum of 20% (40% maximum for London Help to Buy) of the full purchase price. The equity loan must be repaid after 25 years, or earlier if you sell your home.
You must repay the same percentage of the proceeds of the sale to Homes England as the initial equity loan (i.e. if you received an equity loan for 20% of the purchase price of your home, you must repay 20% of the proceeds of the future sale).
An initial monthly management fee of £1 is payable by direct debit from the start of Homes England loan until it is repaid. After the first five years you will pay an additional fee as interest of 1.75%, rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1%.
Local Help to Buy Agents will assess and approve your purchase for Help to Buy, and you need their approval before you proceed with the buying process.
For more information regarding the Help to Buy scheme, and our Help to Buy Burton housing, download our Make Homes Help to Buy Guide below.
If you’re interested in our Burton-upon-Trent development and would like more information on our help to buy houses for sale in Burton, please get in touch.
Additional information about all of our properties that are available in Burton-upon-Trent can be found in our brochure, which you can download below. If you have any further questions or comments, please get in touch.
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