Help to Buy

Help to Buy is a Government backed equity loan aimed at helping you purchase your new home. The scheme is open to both first time buyers and existing homeowners on new build properties up to a maximum value of £600,000.

What is Help To Buy?

You own 100% of your home.

Help to Buy: Equity Loan is the government-backed initiative aimed at helping homebuyers across England purchase a new-build home with as little as a 5% deposit. Similar schemes are also available in Scotland and Wales, with a scheme specific to property in London also in operation.

How does it work?

Through Help to Buy: Equity Loan homebuyers with a minimum of 5% deposit will be eligible to receive an interest free equity loan from the government of up to 20% of the value of their new home, leaving them only needing to secure up to a 75% mortgage from a bank or building society.

The equity loan must be repaid after 25 years, or earlier if you sell your property and is interest free for the first five years. From year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%.

Who’s eligible?

The scheme is available to both first-time buyers and existing homeowners on new-build properties up to a maximum value of £600,000.

Help to Buy: Equity Loan is available to homebuyers regardless of their annual personal income with mortgages available from a number of high street lenders.

Help to Buy London

Using the scheme, purchasers only need a 5% deposit and a 55% mortgage to qualify for a 40% interest free equity loan backed by the UK Government.

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Help to Buy Wales

Buyers with a minimum of 5% deposit can receive an interest free equity loan of up to 20% of the value of their new home, leaving only a 75% mortgage to secure.

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Help to Buy Scotland

Buyers with a minimum of 5% deposit can obtain assistance from the Scottish government of up to a maximum of 15% of the purchase price of their property.

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