If you are buying a new build property the government will lend you up to 20%* of the purchase value of the property. There are no fees paid on the 20% for the first 5 years of the equity loan and you only need a 5% deposit with a 75% loan to value mortgage.
*Please note that if you live in London the equity loan is higher at 40% of the property value.
Key points on Equity Loans
- Equity loans are available for new build properties only;
- They are available for first time and non-first time buyers;
- When a property is sold, the relevant share of the loan is paid back to the government; and
- Hunt & Coombs will treat the loan similarly to how we treat a mortgage and will repay the loan with your proceeds of sale.
Request a quote
For further help and advice on the above or to request a quote please contact your local Conveyancing Team on:
- Peterborough 01733 882800
- Huntingdon 01480 411224
- Oundle 01832 273506
- St Neots 01480 702207
Or email the Residential Conveyancing Team directly at: email@example.com.