Help to Buy

The Government’s Help to Buy schemes are to help buyers with small deposits (5% or over). Take a look to see if this could be something that could be of to help you.

There are two types of scheme available, one that is purely for Newly Built homes (the Equity Loan Scheme) and one for Existing Homes (The Mortgage Guarantee Scheme).

Thomas Morris can introduce you to Embrace Financial Services who have specialist advisers who are able to discuss Help to Buy further and see if you are eligible.

Detailed information can be found on the Government website www.helptobuy.gov.uk

How it works

• You need to provide a 5% deposit.
• The Government will lend you up to 20% of the property value (up to 40% if buying within Greater London).
• You then need to secure up to a 75% mortgage.
• The loan is interest free for the first 5 years. After that you'll be charged the full interest rate. 

Who is it for?

• It's aimed at first time buyers and existing homeowners who are eligible.
• It is only available on one property, so when applying it must be for your only property.
• There are Terms and Conditions that apply to all Help to Buy schemes so make sure you check the full eligibility criteria. .