Image
Help To Buy Help To Buy

YOU COULD BUY YOUR FIRST HOME WITH A 5% DEPOSIT

With the Government backed Help to Buy: Equity Loan scheme designed for first-time buyers, buying your own home could become a reality sooner than you expected.

Try our calculator

If you are looking to purchase your first home, the Help to Buy: Equity Loan scheme could be for you. You contribute a 5% deposit and secure a conventional mortgage for just 75% of the home’s purchase price. The remaining 20% is provided by the Government as an equity loan. Requiring a low deposit and paying no interest on the equity loan for the first five years could help you to get onto the property ladder and own a brand new Crest Nicholson home.

HELP TO BUY: EQUITY LOAN EXPLAINED

The equity loan is a loan from the Government that you put towards the cost of your new home. It could help you to purchase your own home sooner than you expected.

How does it work?

1

You could buy with a low deposit - just 5% of the purchase price

5%

2

Arrange a conventional mortage of 75% of the purchase price

75%

3

The remaining 20% is an equity loan provided by the government

20%

Image
  • There’s no interest to pay on the loan amount for the first five years
  • Maximum house purchase prices apply depending on the location of the home
  • Only available on brand new homes
  • Reserve your new Crest Nicholson home for only £500. This fee is fully refundable if you’re not eligible for an equity loan or you do not exchange contracts.
  • Help to Buy: Equity Loan is also available in London. Please speak to a Sales Executive for further details.
Image

Help to Buy: Equity Loan property price caps

The amount you can spend on your home with Help to Buy depends on where it is located.

Help to Buy Calculator

  • East Midlands
  • West Midlands
  • East of England
  • London
  • South East
  • South West

With a deposit of

£

Your mortgage will be

£

And the government loan will be

£

So you may be able to afford a new Crest Nicholson home up to the value of

£

Based on the information you've entered, this is calculated on the ability to borrow 4.5 times your household income.

This information doesn't contain all the details you need to choose a mortgage. By providing this information, we are not making any recommendation or giving any advice. This calculator only gives you an indication of the amount you could borrow, so the figure it shows could be different from the amount you could actually borrow.

Crest Nicholson Homes you could afford with Help To Buy

All images are used for illustrative purposes only and are representative only. They may not be the same as the actual home you purchase and the specification may differ. Images may be of a slightly different model of home and may include optional upgrades and extras which involve additional cost. Individual features such as windows, brick, carpets, paint and other material colours may vary and also the specification of fittings may vary. Any furnishings and furniture are not included in any sale. Please check with our sales representatives for details of the exact specifications available at the development(s) for each type of home and the associated prices.

Help to Buy Buyers Guide

Download the Crest Nicholson Help to Buy summary guide to find out more information on how you can buy now with just a 5% deposit

Download Now

Help to Buy England & Wales

To find the full details of the Help to Buy England and London scheme download the Government Buyers Guide.

Download Now

Frequently Asked Questions

AM I ELIGIBLE?

The Help to Buy: Equity Loan is available to first time buyers of new build houses and apartments.

This means that you and anyone you’re buying a home with must:

  • Not own a home or residential land now or in the past in the UK or abroad
  • Not have had any form of sharia mortgage finance

All purchasers will be asked to confirm this by signing a legal declaration.

Maximum purchase prices apply, depending on the location of the home you are buying.

You must continue to live in your Help to Buy home.

HOW MUCH DEPOSIT WILL I NEED?

You’ll need a minimum of 5% of the purchase price.

WHAT IS THE MINIMUM CONTRIBUTION I CAN MAKE?

You must be able to provide a 5% minimum deposit of the purchase price of your new home and fund up to 75% of your selected property through a conventional mortgage.

If you have a large deposit and can arrange a mortgage without the Help to Buy: Equity Loan, consider if an equity loan is right for you. If you wish, we can suggest independent advisors to help identify your exact financial requirements.

IS THERE ANY INTEREST ON THE EQUITY LOAN?

You don’t need to pay any interest on the equity loan for the first five years. From year six, interest of 1.75% of the equity loan is payable in monthly instalments. This will rise each year in April, by the Consumer Price Index (CPI) plus 2%.

There is also a small monthly management fee, paid by direct debit of £1 per month, from the commencement of the equity loan until it is repaid.

WHEN DO I REPAY THE OUTSTANDING LOAN AMOUNT?

You must repay the equity loan either when you pay off your repayment mortgage, sell your home, or reach the end of your mortgage term, normally 25 years.

CAN I REPAY THE EQUITY LOAN OR MAKE PART REPAYMENTS TOWARDS THE BALANCE?

Yes, you can pay off your equity loan in full any time or make part repayments. Your first part payment will need to be at least 10% of what your home is worth at that time.

WHAT HAPPENS IF PROPERTY PRICES RISE OR FALL?

When you repay your equity loan, the amount you pay back is worked out as a percentage of the market value at the time you choose to repay. If the market value falls or rises, so does the amount you owe on your equity loan.

ARE THERE ANY RESTRICTIONS ON WHICH MORTGAGE PROVIDER I CAN USE?

Your first charge mortgage must be from a qualifying lender and be a repayment mortgage. Interest-only mortgages are not permitted.

More ways we can help you move

Terms & Conditions

Terms and conditions apply, for full details please download the Homebuyers' Guide to Help to Buy: Equity Loan 2021-2023.

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

Subject to status, Help to Buy Terms & Conditions and available on selected properties in England only. Eligible applicants will be offered an equity loan up to a maximum of 20% of the purchase price (based on the open market value). Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings/deposit where required. The equity loan is provided by Homes England and held as a second charge. This offer is not available in conjunction with any other offer. Full details provided on request.

Sales terms and conditions also apply. Read more here.