Help to buy

Currently the Government’s Help to Buy initiative has two key elements – the Equity Loan and Help to Buy: ISA. Find out how these schemes can help you move.

What is Help to Buy - Equity Loan?

The Help to Buy - Equity Loan is a Government-backed scheme exclusive to new build homes. It was set up by the Government in 2013 and has already helped thousands to make their move onto or up the property ladder.

The idea behind scheme is that, with the Government providing a portion of the required equity in the form of the equity loan, homebuyers need to borrow less from traditional lenders and will therefore be able to access more competitive lending rates.

With the Help to Buy - Equity Loan - a dream move into a brand new Bovis Home could be closer than you think.

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How does the Help to Buy – Equity Loan 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.

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Take a look at our handy Help to Buy mortgage calculator to work out your maximum purchase price, mortgage required, and esitmated monthly repayments based on the deposit you have available.

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.

What is Help to Buy - ISA?

If you are saving to buy your first home, the Help to Buy: ISA can help you make more of your money. By opening one of these Government-backed savings accounts, you could boost your investments by 25%.

So, for every £200 you save, you will receive a Government bonus of £50, up to a maximum bonus of £3,000. You can make an initial deposit of £1,000 when you open the account, then up to £200 a month from then on.

The Help to Buy: ISA is available from a range of banks, building societies and credit unions.

The accounts are available to each first time buyer, not each household. This means that if you are planning to buy with your partner, for example, you could receive a Government bonus of up to £6,000 towards your first home!

Who is eligible for the Help to Buy: ISA?

To qualify for a Help to Buy: ISA you must:

  • be 16 or over
  • have a valid National Insurance number
  • be a UK resident
  • be a first time buyer, and not own a property anywhere in the world
  • not have another active cash ISA in the same tax year: If you have opened a cash ISA this tax year, you can open a Help to Buy: ISA but will have to take additional steps. See the FAQ for more detail.
  • the bonus is available on home purchases of up to £450,000 in London and up to £250,000 outside London.

Help to Buy – Mortgage Guarantee

This scheme was discontinued in December 2016

The Help to Buy Mortgage Guarantee allowed both first time buyers and existing homeowners to purchase a new home with just a 5% deposit - whether you're a first-time buyer or an existing homeowner looking to move up the housing ladder into a larger home.

For the buyer it worked in the same way as a traditional mortgage, on properties up to £600,000.

Although this scheme has now been discontinued, Help to Buy – Equity Loan still enables you to purchase a brand new Bovis Home with just a 5% deposit.

Buyer stories

The sales team guided us through the Help to Buy process brilliantly, and also helped us to take advantage of the company's Smooth Move assistance scheme to sell our existing property.

Read their story

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We love our first-ever home and it's all thanks to Help to Buy. Without the scheme, we probably wouldn't have been able to have done it.

Read their story
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