You can sell your home any time after purchasing with the assistance of Help to Buy, including before the five-year interest free period ends.
Unless you have already repaid your Help to Buy loan, you must pay back the same percentage of the sale as the initial equity loan. For example, if you received a Help to Buy equity loan for 20% of the original purchase price of your home, you will repay 20% of the sale price.
If you’ve made part-payments prior to the sale of your home, you will only repay the remaining percentage of the original equity loan upon sale of your property. For example, if you received a Help to Buy equity loan of 20%, but you have already paid 10% of it back before the sale of your home, you will repay the final 10% on the sale price only.
If you have paid back your Help to Buy loan in full when you sell your home, you won’t be required to make any repayments on your loan following the sale of your house.
You have several options for paying back a Help to Buy equity loan and can choose at any time following the purchase of your new home to make full or part repayments (also known as staircasing). However, the government will only accept early payments that are a minimum of 10% of the property’s current value.
Download the government’s Help to Buy buyers’ guide for more information on your repayment options or speak to your Duchy Homes sales executive.
Government Help to Buy equity loans are available on all Duchy Homes properties in England with a purchase price of up to £600,000.
Yes. Your contribution must be 80% to 90% of the full purchase price of your new build home, which can be made up from a repayment mortgage of between 25% and 75%, and a cash deposit of 5% or more.
To ensure that government funding is allocated fairly to help as many buyers as possible, Help to Buy purchasers are expected to contribute the maximum that is reasonably affordable for them. Upon application, this is assessed by your local HomeBuy Agent. If you could reasonably afford more than 90% of the full purchase price, you will not be eligible to receive a Help to Buy equity loan.
If the market value of your property falls below the level at which it was first purchased, you will repay less than the original amount the government contributed. You will not be required to repay any shortfall in the equity loan upon the sale of your home.
The amount to repay upon the sale of your home will always be the same percentage of the sale proceeds as originally contributed to the purchase price, which will not necessarily be the same amount.
No, part-exchange is not available in conjunction with the Help to Buy equity loan scheme.
No. Help to Buy is designed to help buyers move up the housing ladder and it must be your only residence.
Visit our Help to Buy page to find out how to apply for Help to Buy with Duchy Homes, or for more information . View our latest developments.
The Help to Buy equity scheme has specific terms and conditions and is subject to affordability criteria as prescribed by the Homes and Communities Agency. Help to Buy cannot be used in conjunction with part exchange. Availability of other incentives/offers subject to lender’s criteria and Duchy Homes’ discretion. Your mortgage lender’s deposit requirements may vary. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Please ask your Duchy Homes Sales Advisor for further information.