Helping First
Time Buyers Find
Their New Home

Now is the ideal time to take your first step on the property ladder with the Help to Buy. From 1st April 2021 the government backed schemewill only be available to First Time Buyers, and will help to those who may be struggling to save a deposit larger than 5%, but who could otherwise be expected to sustain a mortgage, secure their brand new Pennyfarthing home.

For those looking to purchase a new home in the New Forest or surrounding areas, the maximum property price for the South East is £437,600, while the maximum property price for the South West is £349,000.

Under the terms and conditions you will not be permitted to sublet your home, enter a part exchange deal on your former house and you cannot own any further property at the time of purchase using the Equity Loan ‘Here to Help You’ scheme.

This scheme is available in England only.

Clear and concise government issued information is available at www.helptobuy.org.uk

How it works

Subject to eligibility, terms and conditions, the Government lend you 20% of the cost of your newly built home, meaning you would only need to raise a minimum 5% cash deposit, with a 75% mortgage to make up the total purchase sum and for the first 5 years there will be no ‘loan fee’ charged on the 20%.

The total amount repayable by you will be the proportion of the market value of your home that was funded by this loan, plus interest and charges. The amount you will have to repay under the loan agreement will depend on the market value of your home when you repay the Help to Buy: Equity Loan and the rate of inflation in the meantime.

The equity loan must be repaid after 25 years, or earlier if you sell your home. You must repay the same percentage of the proceeds of the sale to the Agency as the initial equity loan.