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Help to Buy Mortgages

Mortgage advice for Help to Buy: Equity Loan 

Find out if you are eligible for the Help to Buy Equity Loan and how Fairview Financial can help you get a mortgage.

How does the Help to Buy: Equity Loan scheme work?

This Government scheme can assist you in buying your first home with only a 5% deposit supported by a further 20% from the Government (or up to 40% for London).

The Help to Buy Equity Loan scheme will run until 2023 however, from April 2021 there will be two significant changes:

  • it will only be available to first-time buyers,
  • regional price caps will be introduced meaning that the value of a property you can purchase via this scheme will vary in different parts of the country.

You must buy your home from a homebuilder registered for Help to Buy: Equity Loan.

You will not be charged interest on the 20% loan for the first 5 years of your mortgage. From the year 6 of your mortgage you will only pay interest on the original loan amount. The equity loan payments are interest only, so you do not reduce the amount you owe.

The loan can be paid back either at the end of the equity loan term, when you pay off your repayment mortgage or when the property is sold. The amount you pay back depends on the market value of your property. You are able to pay back part or all of the equity loan at any time during the mortgage term, as long as any repayment you make is at least 10% of the market value of your home.



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How do you apply for the Help to Buy: Equity Loan?

Before applying for the mortgage there are a few necessary steps to take and Fairview Financial can guide you in the right direction. You will have to contact your local Help to Buy agent who will check your eligibility. Help to Buy agents are appointed by Homes England and they administer the Help to Buy Equity Loan scheme but not the mortgage process.

If you intend to make an offer on a new build property, it is often beneficial to register for the Help to Buy support before you make an offer. Estate agents and developers will often wish to see this before they will accept your offer on the property.

Once you have found a suitable new-build property with a registered builder, you will need to complete a Property Information Form (PIF) and a Reservation Form with the builder. If you meet the eligibility criteria you will then be issued with an Authority to Proceed (ATP) by the Help to Buy agent. It is imperative that you have this document before you look at applying for a mortgage with Fairview Financial.


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How can Fairview Financial help?

Once you have the Authority to Proceed you can book an appointment with Fairview Financial to discuss your options and start your mortgage application or arrange an Agreement in Principle (AIP). Our mortgage broker will support you from the beginning of your mortgage application throughout the whole process until completion, when you pick up the keys to your new house.

If you are a first-time buyer Fairview Financial will not charge you a fee. For more information on first-time buyer mortgages click here. We have helped numerous clients in Cheltenham, Gloucestershire and the surrounding area to get on the property ladder or move home with the assistance of the Help to Buy Equity Loan scheme. 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

Our advice is FREE for First-Time Buyers.

If you are unsure about the whole process, we can talk your through your options.


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Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee  is £295 and this is paid when the mortgage is offered.  We do not charge a fee to First-Time Buyers. We may however charge a fee for Shared Ownership mortgages and Help-to-Buy mortgages, due to the complexity of the work involved.

We also 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. If we receive a commission, this will not affect the cost payable by you.

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