Help to Buy explained

Help to Buy: Equity Loans is a Government-backed scheme that’s designed to make getting on the property ladder a little easier for borrowers who can’t afford a big deposit.

Depending on where you want to buy in the UK, there are slightly different schemes. The Mortgage Advice Service, provided by Tenet Mortgage Solutions Limited, can talk you through the differences and show you how to access Help to Buy and pick up the keys to your first home.

How Help to Buy: Equity Loans work

  • The scheme applies to all new-build properties in England worth up to £600,000
  • Your deposit is supplemented with a loan from the Government worth 20% of the property's value (40% in London)
  • You won't be charged loan fees on the 20% loan (40% in London) for the first five years of owning your home.
  • After the first five years you will pay a fee as interest of 1.75%, rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1%.
  • The amount remaining, after the Government loan and your deposit, is obtained from a mortgage lender

How can the Mortgage Advice Service help

  • Fee-Free independent Mortgage Advice, supporting the Police Family
  • Personal review with a specialist advisor
  • Quick, hassle-free, simple service
  • Saves you time and effort
  • Access to exclusive products not available on the high street

Important Information you need to know

Your home may be repossessed if you do not keep up repayments on your mortgage.

PMGI Limited, trading as Police Mutual acts as an intermediary for the purposes of introducing its customers to Tenet Mortgage Solutions Limited, part of Tenet. You will not receive advice or any recommendation from Police Mutual. Such services which will be provided by Tenet Mortgage Solutions Limited.

Tenet Mortgage Solutions Limited will provide Police Mutual with information about the services you have received.

Calls to 03 numbers usually cost no more than to geographic numbers (01 or 02) and are usually included in call packages, please check with your phone company if they are included in your package. For your security, all calls are recorded and may be monitored.

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