First time buyers – don’t miss out on Help to Buy!

06 Oct 22

New build homes offer many benefits to buyers including peace of mind, with warranties and guarantees, modern fixtures and fittings, energy efficiency and a blank canvas for you to put your mark on and create your perfect home.

If you have ever dreamed of owning a brand-new property, the Government backed Help to Buy equity loan scheme could help this become a reality.  It will, however, close to new applicants at 6pm on 31st October 2022, so time really is running out if you want to make a new-build house your perfect new home.

From 1 April 2013 to 31 March 2022, 361,075 properties were bought with a Help to Buy* equity loan.  You only need a 5% deposit, allowing your savings to get you a home that could be much better than you thought you could afford.  Don’t miss out on this opportunity of a lifetime!

Find your new dream home with Fenn Wright and browse the selection of developments below where Help to Buy is available.

How it works for purchasers:

  • You must be over 18, a first time buyer and able to afford the fees and interest payments.
  • The property you buy with your equity loan must be a new build, sold by a Help to Buy registered homebuilder, the only home you live in or own and must not have been lived in by anyone before you buy it.
  • You’ll need to pay a minimum deposit of 5% of the property purchase price and arrange a repayment mortgage of at least 25% of the property purchase price.
  • There’s also a ‘maximum property purchase price’ limit for the home you buy depending on which region it’s in. In the East of England it is £407,400.
  • All applicants must meet the eligibility criteria. If you are married, in a civil partnership, or cohabiting with your partner, you must make a joint application.

You do not have to pay interest for the first 5 years and in the sixth year, you will be charged interest at a rate of 1.75%.  This will be applied to the equity loan amount you originally borrowed (the equity loan percentage of the property price).  This annual interest is spread over the year in monthly payments.

The deadline to reserve your home with a registered homebuilder and submit your application to your Help to Buy agent is 6pm on Monday 31st October 2022.

For Developers

Any Developers using the Help to Buy scheme will need to ensure homes have reached practical completion by 31st December 2022.  The second longstop date is the date that the Developer is required to have legally completed the sale of the eligible dwelling to the eligible purchaser and means they must legally complete by 31st March 2023.

For further information please visit or call our experienced New Homes team on 01206 507666.

*Help to Buy: equity loan scheme: data to 31 March 2022 –