What is the Teachers help to buy?
Teachers help to buy doesn't mean a specific help to buy scheme made for teachers. In fact, there isn't such a thing.
The closest reference to “Teachers help to buy” would be the teachers help to buy mortgage provided by the teachers building society.
A teachers help to buy mortgage would be used in hand with the help to buy equity loan.
A teachers help to buy would therefore simply be the same help to buy products available to anyone.
There are a variety of help to buy products but the most known and used include:
- The help to buy ISA (ends in November 2019)
- The help to buy equity loan
- The shared ownership help to buy
A teacher would naturally be eligible for all of these help to buy products as long as they meet the eligibility requirements.
The teachers help to buy mortgage
You can find all the information you need about the teachers help to buy mortgage here.
Unfortunately the eligiblity data for the teachers help to buy mortgage isnt open to the public.
What is the help to buy equity loan?
The loan is interest-free for 5 years and then you are charged 1.75% per annum. You are then charged a further 1% per annum plus the RPI (inflation rate).
What do you need to be eligible for the help to buy equity loan?
a minimum of 5% for your mortgage deposit
You cannot purchase a buy to let property
You cannot rent out any part of the help to buy property
Your property cannot be more than £600,000
You must be a first-time buyer or a home mover with no other property in the world.
You can only use a standard repayment mortgage, you won't be able to use any unique type of mortgage such as a guarantor mortgage or offset mortgage.
You cannot use any other Government schemes with your help to buy scheme aside from a help to buy ISA.