Help to Buy Equity Loan

The Help to Buy Equity Loan is a Government-backed scheme for first time buyers, which can help you to move into a new McDermott home with just a 5% deposit.

  • Only available to first time buyers
  • Available on all properties priced under £224,400
  • All you need is a 5% deposit
  • The Government will lend you up to 20% of the value of the property through an equity loan, which can be repaid at any time or upon the sale of your home
  • The loan is interest and repayment free for the first 5 years
  • You will only need to secure up to a 75% mortgage from a bank or building society

Help to Buy Equity Loan is not available on all developments, terms and conditions apply. Please ask the Sales Executive for further details or refer to www.helptobuy.gov.uk

Help to Buy calculator

Help to Buy

Your Help to Buy breakdown

75% Mortgage cost £0
20% Government loan £0
5% Deposit £0

Figures shown are for illustrative purposes only. Please speak to a Mortgage Adviser for full details. Only available to first time buyers. Available on properties priced at under the £224,400 regional price cap. Eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Applicants must obtain their conventional mortgage from a Qualified Lending Institution. For the first five years there is no fee charged on the equity loan component. At the start of year six a fee is collected of 1.75% of the market value of the property at the time the loan is entered into multiplied by the outstanding percentage under the equity loan, the annual fee of 1.75% will be uplifted by RPI + 2% p.a. The loan must be repaid after 25 years or earlier if you sell your home whereby the repayment sum will reflect up to 20% of the market value of the property at the time the property is sold or re-mortgaged. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE