Help to Buy backed by HM Government, offer a range of products that can help people to purchase their own home. These products have been developed to help people get on to the property ladder who would have otherwise been unable to afford to do so on the open market.
There are a number of Help to Buy products designed to make home ownership more affordable. You can buy a home using one of the home ownership options, or rent a home at less than the market rent, allowing you to save for a future deposit.
To find out if you meet the criteria to apply, please contact Bedfordshire Pilgrims Housing Association who are the Help to Buy agents for the Welwyn Hatfield area. The council does not administer these products but we may be able to advise you if they are suitable for your needs.
Shared ownership enables you to buy a share of either newly built homes, or older properties which are being re-sold by the current part owner.
You'll need to take out a mortgage to pay for your share of the home's purchase price and pay rent on the remaining share of the property.
Equity loans are open to both first-time buyers and home movers on new-build homes in England with a purchase price up to £600,000.
You won't be able to sub-let your home if you use this scheme. It must also be your only property.
With an equity loan:
You won't be charged loan fees for the first 5 years of owning your home.
In the sixth year, you'll be charged a fee of 1.75% of the loan's value. After this, the fee will increase every year. The increase is worked out by using the Retail Prices Index plus 1%.
Your Help to Buy agent will contact you before the fees start, to set up monthly payments with your bank. You'll also be sent a statement about your loan each year. Fees don't count towards paying back the equity loan.
Mortgage guarantees helps you buy a home with a deposit of 5% of the purchase price. It's open to both first-time buyers and home movers for new-build and older homes in the UK with a purchase price up to £600,000.
The guarantee is provided to your mortgage lender by the government - not to you.
To qualify for a mortgage guarantee, the home you want to buy must:
The property doesn't have to be newly built.
You don't have to be a first-time buyer and there's no limit on your level of income. But you can't use Help to Buy with any other publicly funded mortgage scheme, or an interest-only mortgage.
You can apply for this product directly to any lender taking part in the scheme.