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This copy needs to be about help to buy – we will need to include the help to buy scheme logo. . Again this page will need more adding to the layout once we have the copy. at present I have just created this as a placeholder and so that you can see the text area required. Detailed below is the info used by Grace homes:



Help To Buy Advice

In order to qualify for the Help to Buy Scheme the property must be your main residence. The scheme is not available for buy to let investors.

How the Scheme Works

With the Help to Buy scheme you own 100% of your home, but you only have to cover 80% with your mortgage and deposit. The remainder is covered by an equity loan funded by the Homes and Counties Agency and is held as a second charge on your property.

This loan must be repaid after 25 years, when the mortgage comes to an end or when you move, whichever, happens first, but there is nothing to pay on the equity loan for 5 years.

From year 6 a fee of 1.75% is payable on the equity loan from year 7 onwards this rises annually by RPI inflation plus 1%. The loan can be repaid at any time as well as stair casing repayments which must be a minimum of 10% of your homes current value.

The equity loan is to be repaid when you sell your home based on the same percentage split at the time of sale.

Am I Eligible?

In order to qualify for the Help to Buy Scheme you will need to meet the following criteria:

  • You will need to provide a 5% deposit on the property.
  • You will need funds available to meet other costs associated with purchasing a property, for example solicitor fees, stamp duty and removal costs.
  • Your mortgage on the Help to Buy property must be affordable and sustainable.
  • The Help to Buy property must be your only property at the time of completion.
  • You cannot rent out your existing property to purchase a second property.
  • Part Exchange in not available with Help to Buy.
  • You cannot sublet your Help to Buy property.

Please note, applicants that make fraudulent claims will be liable to criminal prosecution and will be required to repay the Help to Buy equity loan immediately.

The Next Steps

If you are interested in finding out more about the Help to Buy scheme at White Lodge Farm, please come and speak to us. We’d be delighted to help. We also recommend that you speak with an Independent Financial Advisor to confirm your financial status.

If all of the necessary criteria are met, to reserve your new home you simply need to complete a reservation form and a property information form, which our Sales Manager will provide you wtih. We also require a cheque of £500 to reserve the property.

  • The Reservation Form and Property Information Form along with proof of identity will be forwarded to EMHomeBuy
  • The fully completed forms will be assessed within 4 working days
  • Once approved EMHomeBuy will send the Authority to Proceed to both yourself and your solicitor
  • Your mortgage application form will then need to be processed by your Independent Financial Advisor
  • The remaining process will be discussed with you by your solicitor
Example of a Purchase with an Equity Loan Scheme Cost Percentage
Property Purchase Price £200,000
Your Mortgage £150,000 75%
Equity Loan £40,000 20%
Cash Deposit £10,000 5%

If the home in the above table sold for £210,000, you would receive £168,000 (80% from your mortgage and the cash deposit) and pay back £42,000 on the loan (20%). You would need to pay off your mortgage with your share of the money.

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