Help to Buy

Help to Buy is a government-funded initiative to help people to buy their own home.  It is available to both first-time buyers and people who have owned a property previously.  There are basically two types - Help to Buy: Equity Loan and Help to Buy: Shared Ownership.

Help to Buy: Equity Loan

Help to Buy: Equity Loan means that the government will offer an equity loan of 20% of the property value, which is free of charge for the first 5 years, if:

  1. You have a minimum of a 5% deposit
  2. You qualify for a mortgage for 75% of the value of the property
  3. You do not own any other property on completion of the purchase

(You can of course put down a larger deposit and therefore borrow less.)

Help to Buy: Shared Ownership

Help to Buy: Shared Ownership offers you the chance to buy a share of your home (from 25% to 75% of its value) and pay rent on the rest.  In the future, you can buy a larger share when you can afford to.

This scheme is available if your household earns £80,000 or less outside London (or £90,000 or less inside) and if you are a first-time buyer, or you used to own a home but can’t afford to purchase one now, or you are an existing shared owner and you want to move.

We are an approved Help to Buy broker. This means that we offer you:

  1. Clear and continuous guidance through the whole Help to Buy process
  2. A free-of-charge meeting with a qualified Mortgage Adviser to prepare your Help to Buy application forms
  3. The continuous assistance of a designated Help to Buy administrator who will update you regularly on the progress of your application

At Compass Personal Finance, we are very excited about these initiatives and would like to help as many people as possible to take advantage of them. If you think that Help to Buy could be of interest to you, please call Sam Naylor today on 02380 862922 for a free, confidential and without-obligation discussion of your situation and your plans.

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