Secured Loans with Help to Buy Property

Did you purchase your property through the Help to Buy equity loan scheme? If so, you’re in good company. Government data shows that more than 300,000 first-time buyers did so between 2013 and 2023.

It also means that, if you need to borrow now, Evolution Money may be able to help you. We offer secured loans on Help to Buy properties. We can lend you up to £100,000 over repayment

“The Help to Buy equity loan scheme was launched in 2013 and was a game-changer for first-time buyers looking to get on the property ladder with a new-build home. It meant that, if you had a 5% deposit, the government would lend you up to 20% of the property’s value, or 40% in London. The loan was interest-free for the first five years and the scheme stopped taking new applicants in 2022 before it came to an end in 2023.”

–  Mark Campbell, Loan Manager at Evolution Money.

• Over 31,000 customers accepted
• More than £382m funded to customers
• Over 5,400 loans approved
• We look at more than just credit scores
• Award-winning customer service
• Rated ‘Excellent’ by customers

Here’s how to get a top-up loan with Evolution Money:

1. Give our expert team a call. We’ll take the time to understand your financial situation and provide a clear quote tailored to your needs.
2. If you’re happy to go ahead, we’ll send you the funds and you can use them for whatever you need.
3. Pay off your loan amount, plus any interest, over a term that works for you. Once, you’ve made your final repayment, you’re all done.

These types of loans are designed to help those who need to borrow money and have purchased their home using the government’s Help to Buy scheme. They are secured loans, which means you are borrowing against the equity you have in your property.

Our secured loans for Help to Buy homes work much the same way as any other homeowner loan does. You borrow a certain amount of money over a pre-agreed period of time and repay the loan via monthly instalments. You will be charged interest so, in the long run, you may end up repaying more than you borrowed in the first place.

It’s important to note that, with a secured loan for Help to Buy properties, it is your equity in the home that is used as collateral. The money you borrowed from the government as part of the scheme is completely separate and you will still need to repay that loan.

Yes, you could be eligible to borrow from us if you:

• Own the property
• Are aged between 21-70
• Are a UK resident
• Can afford the repayments with your regular income

We understand that having less-than-perfect credit can make it difficult to borrow from some lenders. But we know that you’re so much more than your credit score, and it’s not the only factor we look at when you apply.

So, if you meet our criteria for secured loans on Help to Buy homes, you could be approved even if your credit isn’t as strong as you’d like it to be. Your initial application won’t have any impact on your score, and there’s absolutely no obligation for you to go any further.

There are plenty of advantages to taking out this type of loan. For example:

• As the loan is secured against your Help to Buy property, lenders see it as less of a risk and therefore may offer lower interest rates.
• Because of that reduced risk for lenders, some are also happy to let you borrow larger amounts of money.
• You can spread the loan over 20 years, meaning your monthly repayments feel like less of a financial burden.
• Even if you have poor credit, you may still be eligible for one of our homeowner loans with Help to Buy

As with any loan, there are certain factors that you need to consider before you think about applying:

• With a secured loan on a Help to Buy property, your equity is used as collateral – so, if you fail to make your repayments, you could be at risk of losing your home. And remember, the money you borrowed from the government as part of the scheme will still need to be repaid separately.
• You will be charged interest at a variable rate so each repayment may differ from one month to the next. That can make it a little more difficult to plan out your finances.
• Due to interest, spreading the loan over a longer term may mean you end up repaying more than you would if you borrowed the same amount over a shorter period.

People borrow money for all sorts of reasons. Here are some of the examples we see most often:

• For unexpected costs such as home or vehicle repairs
• To improve your home – a great way to invest back into your property
• For big-ticket items, such as purchasing a new car
• To consolidate your debts and make your finances more manageable

We want to take the hassle out of borrowing money. That’s why we’ve made the application process as straightforward as possible. Here’s how it works:

1. Check your eligibility and apply. Fill out our online form and let us know how much you want to borrow and for how long. We’ll then check if you qualify, without affecting your credit score.
2. Speak to one of our advisors. If you are eligible, a qualified advisor will talk to you about your loan and make you a personalised offer. They’ll carry out an affordability check and answer any questions you may have.
3. We verify your details. If you accept our loan offer, we’ll review your application and do a thorough check on all the information you’ve given us. This may also include a valuation of your property.
4. Your funds are released. Once your application has been approved, we’ll transfer the money to your bank account. You’ll then begin making your monthly repayments, usually via direct debit.

When you apply for a secured loan on your Help to Buy home, we can lend you between £5,000 and £100,000.

We may need to evaluate your property as part of the process for approving your loan. If we do, though, we can do this as a drive-by visit and we won’t need to enter your home.

We charge annual interest rates from 11.7% to 46.5%  variable. Because the interest is not calculated at a fixed rate, it means your repayments are likely to differ slightly each month.

When you take out a secured loan on your Help to Buy home, we’ll charge a Lending Fee of £714. There’s also a Product Fee, which is 10% of however much you’re borrowing. You’ll get a full, detailed breakdown of these costs, which can be paid upfront or added to your loan to be spread across your repayments – whichever works best for you.

Check your eligibility – without affecting your credit score.