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Help to Buy

Help to Buy

You could only need a 5% deposit to 100% own a new home


Help to Buy*

Help to Buy* is a Government-backed scheme to help buyers secure a mortgage on a new build home. It means that home buyers can own a home with only a 5% deposit. And remember that this initiative is available to all buyers, not just first time buyers.

With Help to Buy: Equity Loan*, you’ll receive funding from the Homes and Communities Agency (HCA) to help you secure a mortgage.

Here's an example of the equity loan scheme:

  • Based on a £130,000 purchase price
  • 5% Deposit £6,500
  • 75% Mortgage £97,500
  • 20% Help to Buy Equity Loan £26,000

Help to Buy* offers up to a maximum of 20% of the purchase price through an equity loan funded by the English Government. The remaining 80% is then made up through a 5% deposit contribution and a 75% mortgage from a bank or building society.

The equity loan is available on new build properties up to a maximum value of £600,000 in England. Further information is available in the Help to Buy* Buyers Guide.


Help to Buy (Scotland) Affordable New Build**

The Scottish Government have now announced details regarding the next phase of the Help to Buy (Scotland) scheme.

Help to Buy (Scotland) Affordable New Build** is a Scottish Government-backed scheme designed to help buyers secure a mortgage on a new build home. It means that home buyers in Scotland could own a home with as little as a 5% deposit. This initiative is available to all buyers, not just first time buyers.

With Help to Buy (Scotland) Affordable New Build**, the Scottish Government will contribute a maximum of 15% equity stake. The remaining 85% is made up through a 5% deposit contribution and an 80% mortgage from a bank or building society.

The assistance is available on new build properties up to a maximum value of £230,000 in Scotland, for completions taking place from 1st April 2016 up to 31st March 2017. The maximum value will progressively reduce each year:

Scheme Year              Maximum Value

2016/17                       £230,000
2017/18                       £200,000
2018/19                       £175,000


Here's an example of the Help to Buy (Scotland) Affordable New Build** scheme:

  • Based on a £230,000 purchase price
  • 5% Deposit £11,500
  • 80% Mortgage £184,000
  • 15% Help to Buy Equity Stake £34,500


Help to Buy: Mortgage Guarantee

The Help to Buy: Mortgage Guarantee^ scheme (available in England and Scotland) works exactly the same way as any other mortgage except the government supports the lenders by providing a guarantee on part of the mortgage loans. This means the lenders can offer home buyers 95% mortgages. Under the mortgage guarantee scheme, there are no additional fees to pay the government and the property you purchase must be your only home.


Help to Buy ISA

If you're a first time buyer and saving for a deposit on an eligible home, from 1 December 2015 you could qualify for the new Help to Buy ISA scheme, and the Government will boost your savings by 25%. Find out more about how the scheme works by reading the Help to Buy ISA Factsheet.


Help to Buy

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT


*Help to Buy is available on properties up to a maximum value of £600,000 in England. If you qualify for Help to Buy assistance and you raise a mortgage for at least 75% of the purchase price of your new home from a lender, you can borrow up to the remaining 20% of the purchase price by taking out a loan secured over your new home from the Government's Homes & Community Agency (HCA) over a period of 25 years. A 5% deposit is required by the lender. More may be required depending upon circumstances and your lender's criteria. Help to Buy is subject to eligibility and terms and conditions. 

**Help to Buy (Scotland) Affordable New Build scheme is available on properties up to a maximum value of £230,000 in Scotland for the period from 1 April 2016 to 31 March 2017. If you qualify for assistance and you raise a mortgage for at least 80% of the purchase price of your new home from a lender, you can borrow up to the remaining 15% of the purchase price by taking out a loan secured over your new home from the Scottish Government. A 5% deposit is required by the lender. More may be required depending upon circumstances and your lender's criteria. Help to Buy (Scotland) Affordable New Build assistance is subject to eligibility and terms and conditions.  

^The Help to Buy: Mortgage Guarantee scheme is available on properties in the UK up to a maximum value of £600,000. A 5% deposit is required by the lender. More may be required depending upon circumstances and your lender's criteria. Help to Buy: Mortgage Guarantee is subject to qualification, eligibility and terms and conditions. Miller Homes do not provide mortgages and applicants should speak to an independent mortgage adviser, details of which can be provided on request.