Help to Buy

help-to-buy

Making it easier for your to own your dream, Distinct Home.

Distinct Homes can assist you with taking advantage of the Government backed 'Help to Buy' scheme, meaning you need a lower up front deposit.

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Help to Buy is a scheme backed bt the government which aims to give first-time buyers and those looking to move up the property ladder a helping hand in buying their property as well as assisting home movers with limited equity.  Under the Help to Buy scheme, you need just 5% of a home’s value as a deposit.

  • Government backed scheme to help you buy your dream home
  • Available on all Distinct Homes new build properties with a value up to £600,000
  • Available if you do not already own your own home
  • Download the Help to Buy Buyer's Guide Now
  • There are two types of scenarios under Help to Buy: Equity Loan and Shared Ownership

You put down a deposit of at least 5% and the government will lend you a further equity loan up to 20% of the property value, taking the total deposit amount to 25%.  This government equity loan is tax-free for the first five years.

In year six the equity loan is charged at just 1.75% interest, and increased each year after that in line with the RPI inflation rate plus 1%.

To qualify for this equity loan, the house value must not exceed £600,000 and must be newly built.

When you come to sell your property, you will pay the government back 20% of the property value at which you are selling, however the equity loan can be repaid at any point before you sell your property, without penalty so long as you pay back in chunks of at least 10% of the home's current market value.

In order to participate in Help to Buy, you will need to contact an agent in the area you want to buy and use a participating lender. The participating lenders include the following lenders:

  • Barclays
  • Chorley Building Society
  • Cumbria Building Society
  • Leeds Building Society
  • Halifax
  • NatWest/RBS
  • Newbury Building Society
  • Santander
  • Teachers Building Society
  • Woolwich
  • Virgin Money
  • Post Office
  • Lloyds Bank

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