Help to Buy: Equity Loan scheme

Move to a brand new home with just a 5% deposit 

New for 2021, Help to Buy: Equity Loan is a government-backed scheme for first time buyers where you can buy a new BexleyCo Homes property up to the value of £600,000 with just a 5% deposit.

How does it work?

If you’re a first-time buyer in England, you can apply for a Help to Buy: Equity Loan and you only need to have a minimum 5% deposit. We’ll help you secure a government equity loan from Homes England for an additional 40% deposit. This loan is secured on your property and can be repaid at any time within 25 years or on the sale of your home, whichever happens first – plus you’ll pay no interest for the first 5 years!* We can also help you arrange a mortgage (via independent financial advisors) for the 55% balance.

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*After five years, an annual fee of 1.75% of the outstanding equity loan is charged. The interest rate will rise each year in April by the Consumer Price Index (CPI), plus 2%. There is also a £1 monthly management fee payable by direct debit. You’ll continue to pay interest until you repay your loan in full. Help to Buy: Equity Loan is subject to terms and conditions. Borrowers will need to meet appropriate criteria to ensure they can pay back the equity loan, as well as passing their chosen lender’s credit and affordability checks.