Mill Brook

Who is eligible?

1.1 This offer is only available to eligible first time purchasers (“you/purchasers”) on selected new build plots and developments in England only (excluding London). This new scheme operates from 1 April 2021 to 31 March 2023. The amount you can borrow is dependent on the region the home you wish to buy is in.

1.2 Help to Buy is only available on repayment mortgages and on properties which are occupied by the individual or individuals taking out the mortgage.

1.3 To access the equity loan, you must satisfy the “Eligible Purchaser” criteria set out by Homes England and all purchaser(s) must be approved by the Help to Buy Agent. Further information on the “Eligible Purchaser” criteria is available from: https://www.gov.uk/government/publications/help-to-buy-equity-loan-buyers-guide.

How does it work?

1.4 Purchasers will be required to raise funding (which includes a mortgage and a deposit) of not less than 80% of the property purchase price (excluding any mortgage fees). The property will be subject to a first charge in favour of the mortgage company. Your deposit must be a minimum of 5% of the full property purchase price. The mortgage lender's criteria may affect any deposit percentage and whether it applies before or after the equity loan is deducted from the purchase price.

1.5 Homes England will provide an equity loan to eligible first time purchasers of not less than 10% and not more than 20% of the full purchase price subject to the terms of the equity loan agreement.

1.6 The equity loan provided by Homes England will be secured by way of a second charge on the property behind the first charge referred to in paragraph 1.4.

Paying back the equity loan

1.7 Purchasers must agree to repay the loan in full, plus any interest accrued and management fees.

1.8 For the first 5 years, the equity loan provided by Homes England is interest free. There is a payment of a £1 monthly management fee to pay by Direct Debit.

1.9 From year 6, interest will be payable by you at an annual gross rate of 1.75% of the amount you borrowed. The figure will rise each year in April by2%. You will also continue to pay the monthly management fee of £1 for the life of the loan. The above fees do not count towards paying back the equity loan.

1.10 You must repay the equity loan to Homes England when you: (i) sell the property; or (ii) pay off the repayment mortgage on the property; or (iii) reach the end of the equity loan term which is 25 years from legal completion of the property.

1.11 You can repay the equity loan to Homes England at any time following legal completion. Repayment whether in full or in part will be based on the market value of the property at the time of the repayment(s) and you will have to arrange and pay for the valuation of the property at that time. The minimum instalment value is 10% of the total of the equity loan.

1.12 If you are selling your property, the equity loan will be repayable on either (i) the market value of your property; or (ii) the price your property sells for, whichever is the highest. This means that if the property increases, so does the amount you repay on your equity loan. If the value of your property decreases, the amount you owe on your equity loan will also decrease. This may result in Homes England being paid more or less than the original loan value.

1.13 If, on the sale of the property, the price of the property has fallen and there is insufficient money from the sale to repay the equity loan after the mortgage has been paid you will lose any deposit you paid towards your property. Homes England will not however seek to recover the balance of their equity loan from you.

1.14 Detailed terms and conditions apply to the equity loan which will be made available to the purchaser via their legal advisors as part of the conveyancing process.

An example of how Help to Buy works in the West Midlands region is as follows:

Maximum house value: £255,600

The equity loan provided by Homes England will not incur any loan fees for the first 5 years. From year 6, interest will be payable by the purchaser at an annual gross rate of 1.75% of the amount you borrowed. The figure will rise each year in April by the Consumer Prices Index plus 2%.

This offer is available to all NHS personnel carrying an NHS staff identity badge who purchase a new David Wilson Homes property in England, Wales or Scotland.
NHS personnel are entitled to receive a 5% deposit contribution towards the overall purchase price of the property, up to a maximum contribution of £15,000.
Eligible purchasers must declare their intention to claim the deposit contribution at the time of reserving a property and before any other offer is applied.
Satisfactory evidence of eligibility for this offer must be provided.
This offer cannot be used in conjunction with other selected offers. Please speak with one of our Sales Advisors for further details.
This offer is available on residential properties to eligible purchasers buying the property with cash or with the aid of a mortgage (eligible purchasers must meet their lender’s mortgage eligibility criteria however) and does not exclude eligible purchasers from qualifying for Help to Buy.
This offer is not available on Buy to Let properties.
Offer is valid on plots legally completing on or before the 18th June 2021.
Purchasers must be over 18 years of age.
David Wilson Homes reserve the right to withdraw or alter the terms of this offer at any time prior to the payment of a reservation fee.
We reserve the right to vary the terms of the offer to meet the requirement of the purchaser where we consider it reasonable to do so.