Help to Buy Equity Loan

ChrisJR90

We are first time buyers and maybe looking at using the equity loan. My question is, If we were to use the help to buy equity loan, would we have to use the full 20% or could we just use 10%?
We would be looking at placing a 10% deposit and then using 10% (if possible) from the help to buy scheme. The thought of having to pay back a lump sum twice is not all that appealing.

Apologies if this question has been asked numerous times, didn't have much luck finding an answer from searching around.

kingstreet

You can take anywhere between 5% and 20% in England in 1% increments. Be careful though, many lenders max mortgage is 75% so you will reduce your lender pool at 80%.

ChrisJR90

kingstreet said:

You can take anywhere between 5% and 20% in England in 1% increments. Be careful though, many lenders max mortgage is 75% so you will reduce your lender pool at 80%.

So If I was to take 15% on the equity loan to reach the 75%LTV, when paying this back, would it be 15% back in the lump sum, or 10% and then 5%? I thought it was a minimum payment of 10% when paying back the equity loan.

On another question, I have read that the equity loan is coming to an end in March 2021 and will be replaced with a new scheme in April 2021, however, the new scheme has a cap. The new house I am considering is just shy of 300k, post April 2021 would the equity loan not be available to me? (North West)

Potbellypig

ChrisJR90 said:

kingstreet said:

You can take anywhere between 5% and 20% in England in 1% increments. Be careful though, many lenders max mortgage is 75% so you will reduce your lender pool at 80%.

So If I was to take 15% on the equity loan to reach the 75%LTV, when paying this back, would it be 15% back in the lump sum, or 10% and then 5%? I thought it was a minimum payment of 10% when paying back the equity loan.

On another question, I have read that the equity loan is coming to an end in March 2021 and will be replaced with a new scheme in April 2021, however, the new scheme has a cap. The new house I am considering is just shy of 300k, post April 2021 would the equity loan not be available to me? (North West)

There's regional caps but I've been looking at that too and can't see anywhere online that tells me what that is. I only know that it is £260k where I am from speaking to the developer 

ChrisJR90

Potbellypig said:

ChrisJR90 said:

kingstreet said:

You can take anywhere between 5% and 20% in England in 1% increments. Be careful though, many lenders max mortgage is 75% so you will reduce your lender pool at 80%.

So If I was to take 15% on the equity loan to reach the 75%LTV, when paying this back, would it be 15% back in the lump sum, or 10% and then 5%? I thought it was a minimum payment of 10% when paying back the equity loan.

On another question, I have read that the equity loan is coming to an end in March 2021 and will be replaced with a new scheme in April 2021, however, the new scheme has a cap. The new house I am considering is just shy of 300k, post April 2021 would the equity loan not be available to me? (North West)

There's regional caps but I've been looking at that too and can't see anywhere online that tells me what that is. I only know that it is £260k where I am from speaking to the developer 

Can anyone shed some light on the new scheme and the caps?