
Pay a minimum 5% deposit with
Help to Buy: Equity Loan* at Brixton Centric
First time buyers can take advantage of the Government backed Help to Buy:
Equity Loan up to a purchase price of £600,000.
WHAT IS HELP
TO BUY?
- You will need a minimum deposit of 5%
- The Government will provide up to a 40% equity loan
- You cover the rest (55%) with your own commercial mortgage
- The equity loan is repayable after 25 years, or on the sale of the property if earlier
The deadline for applications for the Help to Buy: Equity Loan scheme 2021-2023 is 6pm on 31 October 2022. By this date you must have reserved your home and submitted your completed Property Information Form. You can find out more information about Help to Buy here:
INTEREST PAYMENTS ON
YOUR EQUITY LOAN
- You do not pay interest on the equity loan for the first five years
- In the sixth year, you’ll be charged interest at a rate of 1.75%
- The interest will be applied to the equity loan amount you originally borrowed (the equity loan percentage of the property purchase price)
- This annual interest is spread over the year in monthly payments
- The interest rate increases every year in April, by adding the Consumer Price Index (CPI) plus 2%
- You will need to pay a monthly management fee of £1 when you take out the equity loan until you pay it off
You can find out more information about Help to Buy here:
