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Frequently asked questions
Find answers to some of our most frequently asked questions about Help to Buy, or download our Help to Buy Buyers’ Guide.
What is Help to Buy?
The Help to Buy scheme varies slightly in London, England, Scotland and Wales so take a look at the relevant Help to Buy pages for your area. Although the terms differ, the idea is the same. First time buyers and existing houseowners can borrow a significant percentage of the value of their new build home, from the Government, reducing both their deposit and their mortgage repayments.
Here's how the Help to Buy Scheme works:
- You put down a 5% deposit
- The Government will lend you up to 20% of the value of your property through an equity loan (this increases to 40% in Greater London)
- You only need to secure a mortgage from a bank or building society for the outstanding amount
- The equity loan can be repaid at any time or on the sale of your home
- The scheme is only available on new build homes and up to a maximum value (depending on your area)
Take a look at the Help to Buy Buyers’ Guide for full details
Is Help to Buy right for me?
Help to Buy could be ideal if you’re interested in buying a new build property but want to make your mortgage repayments more affordable. The scheme is available to first time buyers and existing homeowners.
Why did the government launch Help to Buy?
The government created the Help to Buy scheme to make home owning a reality for hard-working people. It has increased the supply of low-deposit mortgages for both first time buyers and existing homeowners.
Can I buy a house now using Help to Buy?
Yes. If it’s a new build and you’ve raised a 5% deposit. Help to Buy is available on all Taylor Wimpey developments in England, Scotland and Wales although the amount of money you can borrow depends on where you want to live. Take a look at the Help to Buy Buyers’ Guide for full details.
I'm an existing homeowner. Can I access the scheme?
Yes. Help to Buy is available to home movers as well as first time buyers, provided you meet the eligibility criteria. Read our terms and conditions to find out more.
Can I get a Help to Buy loan without a deposit?
No. To take advantage of the Help to Buy scheme, you will need at least 5% deposit.
Am I guaranteed to get a mortgage? Do I need to meet any criteria?
Your mortgage lender will need to run some credit and affordability checks and will ask you a series of questions. This is to make sure you can afford to pay back the mortgage.
How much can I borrow?
As long as you pass the eligibility criteria and affordability checks, you’ll be able to use the Help to Buy scheme to buy a property in England with a value up to £600,000. In Wales, the maximum value is £300,000 and £200,000 in Scotland. Wherever you decide to buy your property you’ll need to put down a 5% deposit and raise a 75% mortgage (80% in Scotland). The Government will lend you 20% of the value of your new home, or 40% if you’re buying in London.
What are the terms and conditions of the Help to Buy scheme?
Eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price, based on the open market value (this increases to 40% for homes in London). Applicants are required to fund at least 80% of the purchase price (60% in London) by means of a conventional mortgage, savings and any deposit where required. For the first five years there is no fee charged on the equity loan component. At the start of year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%. The equity loan is provided by the HCA and held as a second charge. Terms and conditions apply and full details will be provided on request. This offer is subject to status and only available on selected developments and properties in England only. It is not offered with any other promotion.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The example below shows how fees are calculated. The fee payment is not made for the first five years. After this date a monthly fee will be payable and the table below illustrates how this would work on Help to Buy equity loan totalling £40,000.
Your solicitor/conveyancer will be able to provide more illustrations when they advise you. Take a look at the Help to Buy Buyers’ Guide for more information.
Can I get an interest-only mortgage using Help to Buy?
No. Help to Buy is only available on capital repayment mortgages.
Can I buy a property using Help to Buy then rent it out?
No. Help to Buy is only offered on homes where the person, or people, taking out the mortgage will be living there.
Can I get a mortgage through an incorporated company?
No. Help to Buy is available to individuals not companies.
I'm interested in buying my home through Help to Buy. What do I do next?
Your Sales Executive will be able to sort things out for you. Search for the home you’re interested in and you’ll find their contact details there.
Read our buyer guide
First time buyer guide
Thinking of buying your first home? Take a look at our buyer guide.
Read our buyer guide
Applying for a mortgage
Applying for a mortgage can seem daunting. Read our guide to learn more.
Read our buyer guide
The costs of moving home
Moving home can seem like a costly experience. Here's what you need to be aware of.
Terms and conditions apply. Please visit taylorwimpey.co.uk/terms for full details.
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