The Help to Buy scheme is at the forefront of the minds of people looking to get onto the property ladder - but do you really know what it means?
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Help to Buy Benefits
Help to Buy equity loan: new builds only
The equity loan scheme allows borrowers with a deposit of as little as 5% to get onto the housing ladder.
Each borrower's contribution is supplemented with a loan from government worth 20% of the property's value, with the remaining 75% obtained from a traditional mortgage lender. This only applies to all new build properties in England worth up to £600,000. The government loan is interest-free for the first five years and then charged at a rate of 1.75% each subsequent year.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For members, Police Mutual provides free mortgage advice and receives a commission from the mortgage lender which we use to fund this service.
That may not be the case, as we search the whole of the mortgage market, we may be able to help you. One of our mortgage advisers will be able to assess this in more detail.
For members, Police Mutual provides free mortgage advice and receives a commission from the mortgage lender which we use to fund this service. Other fees may be payable.
Help to Buy is strictly confined to new-build properties, as it aims both to help people get onto and move up the property ladder and to boost the construction industry and associated businesses.
Mortgages provided by lenders using Help to Buy indemnity are not restricted to first-time buyers, but borrowers are not allowed to own all or part of another property anywhere in the world. So they are not available to buy-to-let investors or holiday home buyers. The maximum loan size is £600,000. These mortgages will be available throughout the UK and can be used by UK residents and foreign buyers who meet the lenders' usual criteria regarding affordability, credit history and so on.
How much deposit you have can make a difference to the rates and payments so we can arrange for an adviser to discuss this with you.
Police Mutual Assurance Society Limited (PMAS) is an incorporated friendly society.
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