Help to Buy is available on this home
Church Lane, Lewes, Ripe, BN8 6AS
2, 3 & 4 bedroom homes
You may have heard that the Government’s Help to Buy scheme changed with effect from 16 December 2020, so as part of our policy of keeping home buyers fully informed, here is a summary of how it now works.
First-time homebuyers who are eligible for an equity loan can borrow up to 20% (40% in London) of the purchase price of a new build home.
How much you can spend on your home will depend on which region it is in, in the South East this will be capped at £437,600.
You pay a deposit of 5% of the purchase price of your new home at exchange of contracts and arrange a repayment mortgage of at least 25% of the purchase price of your new home.
You won’t be charged interest on the equity loan for the first 5 years. Interest fees start at 1.75% and rise each year in April by the Consumer Prices Index (CPI) plus 2%. You pay a monthly management fee of £1 for the life of the equity loan.
An equity loan is secured against your property in the same way as a repayment mortgage. You must repay the equity loan when you sell the home, pay off your repayment mortgage or reach the end of your equity loan term. But, you can repay all or part of the equity loan any time before then.