Are you a first-time buyer and finding it difficult to get onto the property ladder? If you're struggling to afford the mortgage on 100% of a home; a Help to Buy Equity Loan scheme can offer the boost you need to make it onto that first rung.
Help to Buy Equity Loan schemes can help you by taking out a loan, which you add to your deposit for the house you want to buy. Then you take out a shared equity mortgage on the remaining part of the property's price.
Although the name ‘equity loan’ suggests that you are sharing your property purchase with someone else, you would actually own 100% of the property. The 'loan equity' part just means that you're taking out a loan which counts towards your deposit.
Having this bigger deposit can potentially help you buy a property earlier than you otherwise could have done, and you might also be able to find cheaper mortgage deals, as your deposit would be boosted.