Buy a property with Help to Buy in Manchester

We’re delighted to announce that Potato Wharf is now registered with the government’s Help to Buy scheme. But what exactly does the scheme mean for you as a buyer? What size of deposit do you need? What value of property can you buy? We answer all of your questions below, to better explain Help to Buy in Manchester.

 

How does the Help to Buy scheme work?

Help to Buy is a government-backed scheme, available not only in Manchester, but across England and Wales. It allows first-time buyers to buy a new build home with just a 5% deposit. With Help to Buy, you'll get an equity loan of up to 20% of the cost of a new home; this is interest free for 5 years.

Based on the figures above, you then only need a mortgage for 75% of your property’s value.

 

infographic showing how your equity loan, deposit and mortgage may look using the Help to Buy scheme

 

What value of property can I purchase with Help to Buy in Manchester?

The first thing to note is that your property has to be a new build. This can be a new build flat or a new build house – what matters is that it hasn’t been previously occupied. With Help to Buy in Manchester, you are eligible to apply for any property up to the value of £224,400. View our current 1 bedroom properties available at Potato Wharf under the Manchester Help to Buy scheme.

 

Am I eligible for the Help to Buy scheme?

To be eligible for the Help to Buy scheme in Manchester:

  • You must be buying a new home.
  • You must be a first-time buyer (so you must not own a home or residential land in the UK or abroad).
  • The property you’re buying must cost no more than £224,400.
  • You must not have had any form of Sharia-mortgage finance.

 

For more information on eligble properties at Potato Wharf, visit our development page.