Move up for just 5% down

With the Government’s Help to Buy scheme you need just 5% deposit and your mortgage payments can be reduced. First time buyer or home owner, it could be just what you need to get you moving to a new Harwood Home.

How does the Help to Buy: Equity Loan work?

  • You’ll need a minimum of 5% deposit to qualify.
  • It’s available to all home movers (not just first-time buyers) purchasing a single property who do not currently own a property in or outside of the UK.
  • The Government will lend you up to 20% of the value of your property through an equity loan, which can be repaid at any time within 25 years (or on the sale of your home, whichever is sooner).
  • So 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.
  • Maximum home purchase of £600,000 in England and £300,000 in Wales.


Who can use the Help to Buy: Equity Loan?

The Help to Buy: Equity Loan is a scheme that’s available to both first time buyers and existing home owners, providing that the following conditions are met:

  • The home you’re buying must be your only property.
  • The home must be a newly built property.
  • You won’t be eligible if you’ll own another property after completion.
  • You won’t be able to sublet the home you’re buying.
  • You will not be able to part exchange your old home. Existing homeowners can even use Help to Buy to upgrade to a bigger property, because the 5% deposit means it’s not a problem if you have limited equity in your current home.


What is the Help to Buy: ISA

There are different types of Help to Buy home schemes that have been backed by the Government. The Help to Buy: ISA is designed to help first-time buyers save for a deposit to buy a home and involves the government boosting your savings by 25% up to a maximum of £3000.

There are specific rules that apply to the Help to Buy ISA. You can find out more information on the Government’s website or download our Help to Buy brochure.