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A Help to Buy equity loan is a loan from the government which you can combine with a deposit and a mortgage to buy a new-build property. Depending on where you live, the government will lend you between 15% and 40% of the property price. You will need to put down a deposit of at least 5% and get a mortgage to cover the rest of the property’s value.
Using an equity loan rather than going it alone has two key benefits: you will only need a 5% deposit and, as you’re only taking out a 75% mortgage, instead of up to 95%, you’ll be able to access better mortgage rates.
Help to Buy equity loans are for a percentage of the property value, rather than a set cash amount. This means you could end up paying back more or less than you borrowed, depending on whether your home rises or falls in value.
For example, if you take out a 20% equity loan to buy a property worth £200,000 – a loan of £40,000 – and the property is worth £250,000 when you come to sell, you’ll have to repay £50,000 – 20% of the new value of your home.
Representative Example: If you borrow £15,000 over 10 years. Initially, on a fixed rate for 5 years at 5.10% and for the remaining 5 years on the lender’s standard variable rate of 5.05%, you would make 60 monthly payments of £184.29 and 60 monthly payments of £185.99. The total amount of credit is £17495; the total repayable would be £22,216.80 (this includes a Lender fee of £995 and a broker fee of £1,500). The overall cost for comparison is 8.8% APRC representative.
Rates between 3.4% to 29.% APRC. Repayment terms between 3 and 30 years.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
Think carefully before securing other debts against your home
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.