Help to Buy
Getting on the property ladder or moving up with just a 5% deposit with Help to Buy
What is Help to Buy?
An exclusive scheme for brand new homes, you only need 5% deposit, move in sooner than you think, exclusive to brand new homes. With Help to Buy, the government lends you up to 20% with an equity loan – meaning you can access competitive lending rates for up to a 75% mortgage deal.
Changes to Help to Buy coming in April 2021
In April 2021 the Help to Buy scheme will ONLY be available to first-time buyers, due to changes in government legislation. If you’re an existing homeowner wanting to move up now and take advantage of the Help to Buy scheme, get in touch with our sales consultants. Homeowners planning a move into a brand new Bovis Home, of up to £600,000 in value, can still take advantage of the scheme up to April 2021.
How does Help to Buy work?
By using the scheme you need just a 5% cash deposit, with the Government providing an equity loan of up to 20% of the value of the property you’re buying. You then need to secure up to a 75% mortgage which opens the door to more competitive lending rates, and may make your repayments more affordable than you first thought.
What’s more, you won’t be charged interest or fees on the Government equity loan for the first five years of owning your home, and you can choose to repay the equity loan at any time without penalty, or on the sale of your home.
The scheme is available for first-time buyers and existing homeowners alike, on new homes up to a maximum purchase price of £600,000.
So if you thought a high-quality brand new home was out of reach – think again. Come and speak to one of our sales advisors, and let’s see if we can get you moving.
example house value
Mortgage from approved lender
Is Help to Buy right for me?
- Are you struggling to save for a deposit, thinking home ownership is out of reach?
- Are you a first-time buyer needing helping to get on the property ladder?
- Are you an existing homeowner needing more space but without a large deposit?
- Did you use Help to Buy to buy your first home, and want to use again to move into a bigger home?
- Would you like to move into a brand-new home more quickly that you thought possible?
Reasons to choose Help to Buy:
- Just a 5% deposit required.
- The government lends you up to 20% of the house value with an equity loan.
- An initial interest-free period of 5 years on the government equity loan.
- More competitive mortgage deals available with just a 75% mortgage to secure.
- Government-backed scheme exclusively for new homes, helping thousands to buy their own home since 2013.
- Equity loan can be repaid at any time or on sale of home.
- Can be used in conjunction with the Bovis Homes Smooth Move scheme that manages the sale of your existing property and pays your estate agents fees!
- Can be used with our discount schemes for the serving military and our public sector discount scheme for key workers.
Take a look at our handy Help to Buy mortgage calculator to work out your maximum purchase price, mortgage required, and estimated monthly repayments based on the deposit you have available.Help to Buy mortgage calculator
For more information on the Help to Buy - Equity loan, view the Help to Buy Buyers’ Guide. This explains how the scheme works with financial examples, along with details on the buying process.Help to Buy buyer’s guide
Frequently asked questions:
With Help to Buy, you won’t be charged interest or fees on the Government equity loan for the first five years of owning your home. That means lower overall mortgage payments.
With a 5% deposit and the government’s equity loan of up to 20% of the value of the new home, you only need to secure up to a 75% mortgage. This means you may benefit from more competitive lending rates and a wider mortgage choice.
Try our Help to Buy mortgage calculator. Work out your maximum purchase price, mortgage required, and estimated monthly repayments based on the deposit you have available.
Help to Buy is currently available to both first-time buyers and existing home owners. Current homeowners wanting to purchase a new home up to the value of £600,000 should contact their local sales team. Please note from April 2021 it will ONLY be available to first-time buyers due to changes in government legislation. Please ask us for further details, particularly if you are a current home owner wishing to save money with the Help to Buy Scheme.
For current homeowners, Help to Buy can be used in conjunction with our Smooth Move scheme dealing with the estate agents for you as well as paying their fees! Help to Buy can also be used in addition to our discount scheme for serving military personnel and our Key Worker discount scheme.
Help to Buy cannot be used with our Part Exchange scheme but this scheme may be another option for you as a current homeowner – offering a quicker, chain-free move.
No, there are no restrictions on annual household incomes for this scheme.
Yes, you can benefit from the Help to Buy scheme if you already have a property to sell, as long as this new home will be your main residence. However, changes to Help to Buy from April 2021 means that only first time buyers will be eligible. Please ask our sales consultants if you want to take advantage of the scheme before these changes.
From April 2021 Help to Buy will be available to first-time buyers ONLY due to changes in government legislation. There will also be changes to regional variations in maximum property values. Please ask us for further details.
Terms and conditions: The Help to Buy equity loan scheme has specific terms and conditions and is subject to affordability criteria as prescribed by the Homes and Communities Agency. Not to be used in conjunction with any other purchase assistance scheme, offer or promotion. Please ask our sales consultant for details.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT