Help to Buy with Millgate

If you're a first time buyer, this low deposit purchase scheme could take you to a new Millgate home

Help to Buy has been around for a few years now, and from 1st April 2021 it will be available exclusively to first time buyers.

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What exactly is Help to Buy?

The scheme is provided by the Government and participating developers. It’s available on new properties and requires only a 5% deposit. As from 1st April 2021, there are regional price caps on eligible homes, and in the south east, Millgate’s region, this is £437,600. Purchasers get a 20% equity loan from the Government, so the mortgage is only 75% of the total cost, meaning more affordable monthly payments.

Who can apply for Help to Buy?

The Help to Buy rules have been changed to make homes more attainable for first time buyers, who are now the only purchasers who can apply. The scheme can only be used to buy your principal residence, and not investment or buy‑to‑let properties.

What about paying off the equity loan?

The loan is interest-free for the first five years; then you are charged 1.75%. Interest fees will rise each year in April by the Consumer Price Index (CPI), plus 2%. The loan is payable in full after 25 years or when you sell your home if that happens first.

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Here’s how it works

Based on the purchase of a new home selling for £437,600

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There’s more detailed information available at

Your Millgate Sales Advisor will also be able to tell you more.

Things to consider

  • Only first time buyers can now apply
  • It is only for full home ownership, not for shared equity or shared ownership.
  • The mortgage must be capital and repayment, not interest only.
  • Buyers must not receive help with their deposit from a local authority or other public body.
  • Local Help to Buy agents will have to assess and approve your Help to Buy purchase before you go ahead.

For more information about a Millgate home or about the ways we can help you to move, please contact our sales office on 0118 934 3344.

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