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Help to buy

Help to Buy is a Government-backed scheme designed to help you get moving – whether you’re a first time buyer or an existing homeowner. It is available on new homes up to £600,000 and can make buying so much more affordable.

  • With Help to Buy, you only need a 5% deposit
  • The Government will lend you 20% of the value of your new home via an equity loan, interest free for 5 years
  • You will only need to secure a 75% mortgage, giving you access to competitive rates
  • The Help to Buy equity loan can be repaid at any time or on the sale of your home

How Help to Buy could work for you

Help to Buy is available on all new Orion homes – whether you are a first time buyer or existing homeowner.

You can discuss everything with our Sales Advisor, and once you have chosen your perfect home they will put you in touch with our recommended Independent Mortgage Advisor, so you can discuss your Help to Buy mortgage requirements and the costs involved.

Whilst the Government will provide you with the 20% equity loan, the home is 100% yours from day one.

The equity loan is interest free for the first five years. From year six onwards a fee of 1.75% is payable on it – and this rises annually by the Retail Price Index inflation plus 1%.

If you have an existing home to sell, Help to Buy can also be used with our Assured Sale scheme. Speak to one of our Sales Advisors to find out how they could both work for you.

Here’s how Help to Buy could work on a new home worth £200,000

 

HELP TO BUY WILL SOON BE CHANGING

With effect from 1st April 2021 the new Help to Buy scheme will come into force which is available to FIRST TIME BUYERS ONLY.

You can apply for the new scheme from 16th December 2020.

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.

RegionPrice cap for Help to Buy homes April 2021 to March 2023
North east£186,100
North west£224,400
Yorkshire & The Humber£228,100
East Midlands£261,900
West Midlands£255,600
East of England£407,400
London£600,000
South east£437,600
South west£349,000

To find out more about the scheme and how to apply, download the homebuyers guide to Help to Buy: Equity Loan (2021-2023)

Help to Buy ISA

You are now able to save to buy your first home using a Help to Buy ISA account. Using one of these means the Government will boost your savings by 25% – so for every £500 you save, you’ll receive a Government bonus of £100. The maximum Government bonus you can receive is £3,000.

These accounts are available individually to first time buyers. So if you are planning to buy with your partner for example, you could receive a Government bonus of up to £6,000 towards your first home.

To qualify for a Help to Buy ISA you must be 16 or over, be a UK resident with a valid National Insurance number, be a first time buyer and not own a property anywhere in the world.

Further details are available from the Orion Homes team, so ask on site for details.