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Looking for a more affordable way to buy a home? Help to Buy Equity Loans and Shared Ownership could help you.
The government’s Help to Buy schemes are designed to give those eligible a leg up on to the property ladder or even to make taking your next step a little easier.
If you’re looking to buy a new-build home then a Help to Buy Equity Loan could be ideal as a government loan means you need a smaller mortgage. Help to Buy Shared Ownership offers an alternative as you buy a share of the home and pay rent on the rest, meaning you typically need a smaller deposit.
We have a range of mortgages available for Help to Buy starting with a minimum 5% deposit.
We have a range of mortgages available for Shared Ownership starting with a minimum 10% deposit.
As long as you are buying a new-build home and meet the eligibility criteria you can apply for a government-funded equity loan for up to 20% of the property’s value in England and Wales, 15% in Scotland and 40% in London. You’ll then need to pay a minimum deposit of 5% (10% in Scotland) and raise the rest of the property’s purchase price through a mortgage.
There are no equity loan interest fees to pay for the first five years of owning your home and you’ll need to repay the loan in full after 25 years or when you sell your home.
To buy a home using a shared equity loan, you’ll need to contact the Help to Buy agent in your area. Visit the government’s shared equity pages for details of your local agent and other information you need to know about the scheme.
With Help To Buy Shared Ownership you take out a mortgage on a share of the property you want to buy – between 25% and 75% – and rent the rest of your home from a housing association, usually at below the market rate. With Skipton, you can borrow up to 90% of the value of your share in a property but remember, you need to budget for both monthly mortgage payments and rent. You also have the option to increase your share over time, at a price based on the value of the property at the time – so if property prices rise, you'll pay more for your share, if they fall, you'll pay less. In many cases you can increase your share up to the point where you own 100% of your home.
To buy a home through a shared ownership scheme, you’ll need to contact the Help to Buy agent in your area. Visit the government’s Shared Ownership pages for their contact details along with all you need to know about the scheme.
For an affordability check, Decision in Principle or to talk to us about our mortgage products please call us on
0345 607 9825
Thinking about getting the keys to your first home is exciting, but finding a mortgage that’s right for you is essential.
Our affordability calculator will give you an idea of how much you might be able to borrow.
Tax-free savings account designed to help you buy your first home or save for retirement.
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