Your Mortgage Options
First Time Buyer
Get off to a flying start!
If you've only got a small deposit, you might be looking for a 95% mortgage. No problem. Our expert mortgage advisers will help you look at the options and find the right one to suit your circumstances and your pocket.
Your mortgage adviser will personally take care of you and offer expert advice and guidance. Our advisers have access to thousands of mortgage deals on the market, including many exclusives and can help you make and informed decision and secure the right mortgage for your first home.
The Help to Buy Scheme
Through the Help to Buy scheme, you only need to raise a 5% deposit and can access the support of up to 20% in the form of an equity loan from the Government. There’s nothing to pay on the loan for 5 years as it is interest free until year 6.
The scheme is only available on new build properties valued at up to £600,000 in England, £300,000 in Wales and £200,000 in Scotland.
With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
To reflect the current property prices in London, from February 2016 the Government is increasing the upper limit for the equity loan it gives new home-buyers within Greater London from 20% to 40%. If you are looking to buy a new home in a London borough click here.
Equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be a new build and no more than £600,000.
You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with a Help to Buy: Equity Loan. Find out more.
Help to Buy – Wales provides a shared equity loan to buyers of new-build homes. The scheme supports the purchase of homes up to £300,000 bought through a registered Help to Buy Builder .
With Help to Buy Wales, you must provide a 5% deposit. The scheme provides a shared equity loan of up to 20% of the purchase price and you must take out a repayment mortgage to cover the remaining amount. Find out more.
The Help to Buy (Scotland) Affordable New Build Scheme is a Scottish Government scheme to help first time buyers and existing homeowners to buy an affordable new build home from a participating home builder. The scheme will operate until 31 March 2021. This means that all transactions must be concluded by this date and no transactions can conclude past it.
The scheme is open to first time buyers and existing homeowners and provides help of up to 15% of the purchase price of an affordable new build home.
Applications to the scheme should not be submitted more than 9 months from the date of expected settlement of your purchase of your new home.
The assistance is not to help you to provide a deposit to a lender.
The Scottish Government has produced a leaflet providing an overview of how the scheme operates. If you are interested in participating in the scheme, you are encouraged to read this leaflet before you take any further action.
Download Help to Buy Scotland leaflet.