Help to Buy mortgages from No1 CopperPot Credit Union

27 July 2020

What is the Help to Buy: Equity Loan scheme?

The Help to Buy: Equity Loan scheme was created by the Government to help people with obtaining their mortgage deposit. Through this scheme, the Government will lend you up to 20% (or up to 40% in Greater London) of the cost of your new-build property. An additional minimum deposit, of at least 5% of the property value, must be funded by the purchaser. The rest then needs to be funded through a mortgage with a lender. Through this process a member would end up with a mortgage through a lender, and a separate loan repayable to the Government.

You are not required to make repayments to the Equity Loan within the first five years of owning your home. You can however choose to make voluntary part repayments of the Help to Buy: Equity Loan at a minimum of 10% of the market value of your property at the time of repayment.

More information on the Help to Buy: Equity Loan scheme can be found on the following links: