Owning your own home is easier, and more affordable, than you think with Hive Homes.
We offer the Government-backed Help-to-Buy Equity Loan scheme across many of our developments across Greater Manchester, so that buying your first home is manageable and flexible around your needs!
The Help to Buy equity loan helps you get onto the property ladder with a loan from the Government. You’ll need a minimum 5% deposit, and to be able to secure a mortgage loan for at least 75% of the value of the home, after which you’re given an equity loan of up to 20% to bridge the gap between what you can afford to buy now and the full property price. This loan is interest free for the first 5 years.
Currently, a Help to Buy Equity Loan can be used by any home movers looking to buy a home worth up to £600,000 in England or £300,000 in Wales, as long as the home purchased will be your only property. In April 2021 this will change when regional price caps are applied, and, for the North West, the scheme will only be available for first time buyers purchasing homes worth up to £224,400.
Eligibility criteria can change for Help to Buy from time to time, so it’s best to always check with the Help to Buy agent for up to date information on the scheme. Appointed by the Government, the Help to Buy agent is there to support with your Help to Buy purchase, and more information on them and the scheme can be found here www.helptobuyagent1.org.uk
We’d love to tell you more about Help to Buy – get in touch with us today and we can talk you through it. Alternatively, use our handy mortgage calculator to work out those all-important numbers, and see how the Help to Buy Equity loan scheme can work for you.