Help to Buy Mortgage Scheme

HELP TO BUY

You could move with as little as 5% deposit with the Government-backed equity scheme 'Help to Buy', which applies to all our homes in England up to the value of £600,000.

WHY CHOOSE HELP TO BUY?

A Government Scheme - The Government Help to Buy Scheme means that the Government will lend you between 10% and 20% of the value of the property through an equity loan, which can be repaid at any time or upon the sale of your home.

The amount to be repaid is determined by the future sale and may not be the same as the original equity loan price amount.

A new home within easier reach - You will require just a 5% deposit and secure up to a 75% mortgage from a bank or building society.

Available to everyone - Equity loans are available to first time buyers as well as homeowners* looking to move to new homes in England up to the value of £600,000 *You must have sold your existing property before completing your Help to Buy purchase.

Peace of mind - You won’t be charged loan fees on the 20% loan for the first five years of owning your home.

Free, Independent Advice - We will happily put you in touch with an Independent Financial Advisor to help you with your move.

As this is a Government Scheme, we advise that you refer to the Help to Buy website for full details regarding the scheme: helptobuy.gov.uk/equity-loan

Here’s our 60 second video to explain how Help to Buy works…

HOW IT WORKS:

1) Select a new Bloor home at one of our participating developments and pay the reservation fee of £500.

2) Complete a Help to Buy application through the relevant Government appointed Help to Buy Agent.

3) Once approved, you will be given an ‘Authority to Proceed’ and the purchase of your new Bloor home may proceed to completion.

4) We can help you choose a Solicitor and Independent Financial Advisor to ensure the purchase of your new home runs smoothly.

5) You may then apply for the required mortgage amount.

6) Sit back and relax whilst we get your new Bloor home ready, giving you regular updates along the way.

7) Move into your new Bloor home, on-time with no stress.

Do you have a few questions about the Help to Buy scheme? Please take a look through our FAQ's below.

Where is the scheme available?

Help to Buy is available across all Bloor Homes developments in England on homes up to £600,000 and up to £300,000 on homes in Wales.

Can you clarify the equity loan element?

The Government will provide you with an equity loan up to 20% value of the property. This loan is interest free for the first five years. From year six a fee of 1.75% is payable and will rise annually by RPI inflation plus 1%.

What are the repayment terms of the equity loan?

You can repay the loan any time within the first 25 years (or the terms of the mortgage), or when you sell the property.

Is the scheme available on pre-owned homes?

The Help to Buy equity loan scheme is only available on new-build homes like those built by Bloor Homes.

Can I use the scheme if I already own a home?

The Help to Buy equity loan scheme is available to both first-time buyers and existing homeowners. Our Home Change scheme can help sell your property for you.

Is the scheme available as a buy-to-let option?

The Help to Buy scheme is only available to purchasers using the property as their main residence.

What types of mortgage are available with Help to Buy?

Repayment mortgages are the only option with this scheme.

Where can I get financial advice from?

Bloor Homes can put you in touch with a list of recommended financial advisers who can assist you every step of the way.

*Help to Buy and all Bloor Homes’ incentives and schemes are subject to terms and conditions and are available on selected developments and selected plots only. Help to Buy is only available on developments in England, up to the value of £600,000 subject to contract, status and eligibility. Your home may be repossessed if you do not keep up repayments on your mortgage.