HELP TO BUY STARTER HOME INITIATIVE REVIEWS NEWS CONTACT MENU HELPING FIRST TIME BUYERS FIND THEIR NEW HOME We have properties available to purchase as part of the Government backed Help to Buy: Equity Loan (2021-2023) EXCLUSIVELY AVAILABLE TO FIRST TIME BUYERS SECURE YOUR NEW HOME WITH JUST A 5% DEPOSIT! Now is the ideal time to take your first step on the property ladder with the Help to Buy. From 1st April 2021 the government backed schemewill only be available to First Time Buyers, and will help to those who may be struggling to save a deposit larger than 5%, but who could otherwise be expected to sustain a mortgage, secure their brand new Pennyfarthing home. For those looking to purchase a new home in the New Forest or surrounding areas, the maximum property price for the South East is £437,600, while the maximum property price for the South West is £349,000. Under the terms and conditions you will not be permitted to sublet your home, enter a part exchange deal on your former house and you cannot own any further property at the time of purchase using the Equity Loan ‘Here to Help You’ scheme. This scheme is available in England only. Clear and concise government issued information is available at www.helptobuy.org.uk HOW IT WORKS Subject to eligibility, terms and conditions, the Government lend you 20% of the cost of your newly built home, meaning you would only need to raise a minimum 5% cash deposit, with a 75% mortgage to make up the total purchase sum and for the first 5 years there will be no ‘loan fee’ charged on the 20%. The total amount repayable by you will be the proportion of the market value of your home that was funded by this loan, plus interest and charges. The amount you will have to repay under the loan agreement will depend on the market value of your home when you repay the Help to Buy: Equity Loan and the rate of inflation in the meantime. The equity loan must be repaid after 25 years, or earlier if you sell your home. You must repay the same percentage of the proceeds of the sale to the Agency as the initial equity loan. MORTGAGE CALCULATOR IT COULDN’T BE SIMPLER! Use our mortgage calculator to secure your new home quickly and efficiently… Purchase Price Deposit Amount Over a period of 5 years 6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years 22 years 23 years 24 years 25 years 26 years 27 years 28 years 29 years 30 years 31 years 32 years 33 years 34 years 35 years 36 years 37 years 38 years 39 years 40 years Interest rate (%) Payment Results ... Interest Only Repayment* *Monthly payment amounts are an estimate for guidance only GET IN TOUCH WITH US Pennyfarthing House, Ossemsley, New Milton, Hampshire, BH25 5TL Terms & Conditions © Copyright: Pennyfarthing 2021