Martin Lewis warns first time buyers about terms of Help to Buy Equity Loan
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dailystar.co.ukHelp to Buy Equity Loan for 2021 to 2023 is now available for first-time buyers who want a new-build home. And, the loan lends buyers up to 20% (or 40% in London) of the cost of a home with customers paying a deposit of 5% or more and a minimum mortgage of 25%.The loan is interest free for five years and then an interest rat of 1.75% is added from the sixth year rising with inflation.Those eligible for the the loan can reserve their homes from December and will be allowed to move in from April 1.Regional price limits are set at 1.5 times the average first-time buyer price in each area.In London the cap is £600,000 while in the North East it sits at £186,100.
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