First Time Buyers

Available now until 2023, Help to Buy is a government scheme which can help you get on the property ladder and purchase a new home with just a 5% deposit.

Both first-time buyers and existing home owners are eligible for the scheme until March 2021.

From April 2021 new rules for Help to Buy will come into play - CLICK HERE to make sure you're clued up on the new rules. 


How does it work?

A loan funded by the Homes and Counties Agency covers 20% of the property price up to £600,000, giving buyers the opportunity to own their own home by only having to cover a 5% deposit and a 75% mortgage.

See the table below for an example of how much you'd have to put in to own a £200,000 home:


The loan must be repaid after 25 years, when the mortgage comes to an end or when you move - whichever happens first.

For the first five years you don't have to pay interest or fees on the equity loan. From the sixth year a fee of 1.75% is payable. The fee then rises by inflation based on the Retail Prices Index (RPI) plus 1% annually.

If you choose to sell your home, the equity loan is to be repaid based on the same percentage split at the time of sale. The remaining funds - dependent on how much you've paid off your mortgage - can be used as a deposit on your next home.

Who is eligible?

The property you're applying for must be your main residence, therefore it is not available for buy to let.

Current homeowners would need to have a sale in place on their existing property before they can reserve a home with Homer Property Developments using the scheme.

Once confirming that the house will be your only property at the time of completion, you will need to provide a 5% deposit and have funds available to meet other costs associated with purchasing a house, such as solicitor fees and stamp duty.

The Help to Buy property must not be rented out or sublet. Applicants that make fraudulent claims will be liable repay the Help to Buy equity loan immediately and will be prosecuted.


Where to start

Please take a look at our Current Projects page to see what homes we have on offer available on the Help to Buy scheme, or pop into the office - we have a team on hand who will be happy to talk you through the scheme.

Also check out the changes being made to the Help to Buy scheme come April 2021.


Existing homeowner?

If you already own your own home and are interested in the scheme, follow this link to our Help to Buy Breakdown: Why the Scheme isn't just for First Time Buyers.


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