Home Buy Scheme

The Home Buy Scheme is a government backed scheme aimed at getting people on to the property ladder that would not normally be able to do so in the current climate.

There are several schemes, some in respect of second hand properties but the most popular ones relate to new build properties and is operated by a large number of national builders.

The buyer has to meet the criteria of the scheme (these vary slightly from scheme to scheme) and if they qualify they can purchase a new home and only provide 70% of the purchase price, either by mortgage or a combination of cash and mortgage, the balance of the 30% purchase price is paid by the government scheme and the builder (15% each).

The buyers owns the whole of the property, the 30% being secured by way of two equity mortgages, basically there are three mortgages on the property, the first in favour of the main lender (which must be a recognised main stream lender), the second and third in favour of the government scheme and the builder. The equity mortgages are interest free for the first five years, after that you will pay a small fee on the loans (currently 1.75% and rising annually by the Retail Price Index plus 1%). The buyer can also start to pay off some of the equity mortgages after 12 months.

All loans are paid off when the property is sold.

If you need any further advise or assistance on the Home Buy Scheme please contact Alison Mason, Adam Fletcher or Mark Thornton.

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What our clients say:

  • Thank you both very much for all your hard work and patience, we know it wasn’t as straight forward a job as it should have been but had it not been for your professionalism I’m sure it would have taken a lot longer. We will hopefully be back in touch soon when we have a buyer for our current house as we would like you to act for us again.

  • Adam provides a high quality and effective service that I do not hesitate to recommend to others. Good eye for detail and clear, timely communications. Highly recommended.

    Tuesday 11 February 2014
  • The service provided was of the highest standard from start to finish. Adam was friendly, thorough and professional which made buying our house easy and stress-free. I was recommended Ridley & Hall, and Adam in particular, by a friend and I would recommend him to everyone I know! Many thanks Adam

    C.W. Wednesday 22 May 2013
  • We found Adam and his staff to be excellent, to the point and very willing to go the extra mile to satisfy our need for detailed answers.

    Tuesday 05 February 2013
  • Just wanted to thank you for all your help and support in getting our house purchase through! I’m sure we’ve been the most bothersome clients you’ve ever had, but we really are grateful for your help. We are so excited to finally be moving and to really be able to get properly started on our new life back in England. We can’t wait to put up some coat hooks and pictures! Thanks!

  • Thank you for your e-mail and, whilst as you say the matter is not proceeding, I would like to say how impressed I was by your teams promptness and enthusiasm for keeping things moving at the time. I have bought/sold a few properties over the years and I must say this was very refreshing when compared to other legal firms that I have used.

    Wednesday 28 January 2015
  • I wish to thank you, Jill & Mark along with everyone else at Ridley & Hall who has dealt with  my Mothers case over the past months. As you can imagine the past two years have been a very emotional and stressful  period for my family  as my Mother first became ill and finally passed away. The professionalism and rapidity   we have received from yourselves has been a great help in these hard times. Personally it has left me with a very positive view of Ridley & Hall and you  will certainly be my first choice when I next require legal representation – but I’m sure you’ll forgive me  for saying I hope that time will not be too soon ;) Again thank you all your help.

    Thursday 7th July 2016
  • Thank you so much for all your help with everything, you've made the whole thing as straight forward as possible. This process (and witnessing the shambolic behaviour of the seller's conveyancer) has taught me that a good lawyer is priceless when moving! - Doreena H, London    

    11th November 2016
  • "Hi Adam, many thanks for all your help in completing the sale. We were took aback how much detail you covered in a short time scale, would you also pass on our thanks to your team who we know worked hard on this." - Terry & Susan, Leeds West Yorkshire

    Monday 9th January 2017
  • “To Mark and Helen, Thank you so much to you both for making all our legal needs go so smoothly! Best wishes Clare & Jane”  

    Friday 24th February 2017

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