Help to Buy: Equity Loan

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Need a little help to get onto the property ladder? Find out how Help to Buy: Equity Loan can help you.

How can we help you?

Our friendly sales teams are very experienced in helping customers with their purchases and come with a wealth of knowledge about how it works. They understand how big and exciting it is to buy your first home and so are always on hand to help you understand the Help to Buy: Equity Loan process and support you every step of the way.

We often hold Help to Buy: Equity Loan information days at our developments, inviting customers to attend, along with an Independent Financial Advisor, to help walk them through the process and get an assessment of their affordability. This gives our customers the confidence that they're in safe hands with their purchase.

 

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What is Help to Buy: Equity Loan?

Help to Buy: Equity Loan is a scheme backed by the Government to help you buy your new home. Currently, many buyers are struggling to raise a large enough deposit to get a mortgage.

Through Help to Buy: Equity Loan, you only need to raise a 5% deposit. Using the scheme you can then access up to 20% (or up to 40% in London) of the property price through an equity loan – you pay no interest on the loan for the first five years – and you will only require a 75% mortgage (or 55% in London) to cover the cost of your home – yet you will own 100% of your new Hill home.

How does it work?

• Available exclusively to first time buyers

• There are different regional price caps for the maximum property price you can pay

• You can buy a new home at participating developments with a price under the regional cap

• The scheme is for owner occupiers only

• At the time of completion this can be the only property you own

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Benefits of the scheme

• You only need a 5% deposit

• There’s no upper limit on your household income

• The Government lends you up to 20% (or 40% for London) as an equity loan

• The equity loan is interest-free for the first 5 years

• You can access competitive lending rates for up to a 75% (or 55% in London) mortgage deal

• You can pay back the equity loan at any time or when you sell your home

Regional Price Caps

North East - £186,100

North West - £224,400

Yorkshire and the Humber - £228,100

East Midlands - £261,900

West Midlands - £255,600

East of England - £407,400

London - £600,000

South East - £437,600

South West - £349,000

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Henry and Laura's Story

Having rented a property in London for over three years, Henry and Laura wanted to step onto the property ladder. In the lead up to buying their first home, they thought they'd have to make significant compromises on location, property type and size to suit their budget. After searching in a variety of areas, the first-time buyers were able to secure their dream home with Hill, thanks to a helping hand from the Government's London Help to Buy scheme, without making any compromises!

“Being in the property industry ourselves, we’re pretty savvy about the options available to us and wanted to make sure that we bought the right home in the perfect location. We looked around quite a lot of developments which offered homes through Help To Buy, but none compared to the finish available at Fish Island Village”, comments Laura.

Find out how the Help to Buy: Equity Loan scheme can help you by downloading our handy guide.

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