Echo Finance

HELP TO BUY

Help to Buy is a government scheme which can help first time home buyers get a property with just a 5% deposit. Use this guide to learn how Help to Buy schemes work, how to qualify and the different options available.

How does Help to Buy work?

The Help to Buy scheme offers an equity loan where the government lends first-time buyers and existing homeowners money to buy a newly-built home.

Who can’t apply for the scheme?

  • You can’t use the above schemes to buy a second home or a property to rent out.
  • If you use Help to Buy, you can only take out a repayment mortgage.
  • You can’t buy a property for more than the set price limits (see below).

National differences

  • In England, both schemes apply to homes costing up to £600,000.
  • In Northern Ireland there is a different equity loans scheme (link below).
  • In Scotland the maximum threshold depends on the value of the property and when your application is completed. For example, for applications completed on or before 31 March 2017, the maximum purchase price can’t exceed £230,000.
  • In Wales, both schemes apply to homes costing up to £300,000.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
Echo Finance
Echo Finance Limited

The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE

Local Rate: 01484213337
Freephone: 08000934914
info@echofinance.co.uk
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Registered in England and Wales No. 6939070. Registered office - The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE. Echo Finance Limited is authorised and regulated by the Financial Conduct Authority. Echo Finance Limited is entered on the FCA register (www.fca.org.uk) under reference 570073. The Guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. We are a broker not a lender. We conduct both regulated and unregulated business and therefore not all products provided through us are regulated by the Financial Conduct Authority. We may receive a commission from the Lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. The Financial Conduct Authority does not regulate Will Writing, Estate Planning and some forms of Mortgages. © Copyright Echo Finance Limited. *Example rate shown is a 10 year fixed rate mortgage from Lloyds Bank with an initial rate of 4.83% for 10 years; then reverts to SVR after intro period (12/09/2023). Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.

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