What is Help to Buy?
The Help to Buy Equity Loan scheme is a government incentive designed to give first time buyers a helping hand to take their first step onto the property ladder. Provided that you are eligible, the government will lend first time buyers up to 20% of the purchase price of a new home without charging any interest.
How does Help to Buy work?
When purchasing a home with the Help to Buy Equity Loan scheme, the government will lend first time buyers up to 20% of the value of a new home. That loan is interest-free for five years.
That means first time buyers can buy with a deposit of just 5% of the purchase price. Buyers will still need to secure a mortgage on the remaining 75% of the purchase price.
Am I eligible for Help to Buy?
To be eligible for Help to Buy, you must be 18 years old or over, a first-time buyer and able to afford the fees and interest payments for the property. You will not be eligible for Help to Buy if you have ever owned a home in the UK or abroad.
The property you are buying must also be a new home sold by a Help to Buy registered homebuilder like YTL Developments. You cannot purchase a second hand or re-sale property with Help to Buy.
What properties are available with Help to Buy at Brabazon?
All remaining apartments in The Navigator Building at Brabazon are available with Help to Buy.
Prices for a two-bedroom apartment at Brabazon start from £298,500. Eligible first-time buyers can therefore buy with a deposit of just £14,925 and receive an interest-free government loan worth up to £59,700 towards the purchase price.
What do I do next?
If you think you might be eligible for Help to Buy, and this opportunity sounds like the step onto the property ladder that you have been waiting for, what are the next steps?
To start with, we suggest you book an appointment with our New Homes Consultants at Brabazon to view our Show Home and select the right property for you.
We then also strongly recommend you speak to an Independent Mortgage Adviser who specialises in new homes. They will be able to check that you are eligible and guide you through the process. Our New Homes Consultants can recommend an experienced firm of advisers who will be able to help you take the next step to purchasing your dream new home at Brabazon.
To book an appointment, email our New Homes Consultants at firstname.lastname@example.org or call us on 0330 1234 207.
*Plot B004 is currently available for £298,500 (October 2021)