Help To Buy

The popular Government-funded Help to Buy Equity Loan is available until 2021, allowing buyers to purchase a new home with just a 5% deposit.

Help to Buy makes new build homes available to all home buyers (not just first time buyers) who wish to buy a new home, but may be constrained in doing so – for example as a result of deposit requirements – but who could otherwise be expected to sustain a mortgage.

What is Help to Buy?

The Help to Buy Equity Loan Scheme allows you to purchase a new home with just a 5% deposit and is available for both first time buyers and existing home owners.

The Government (HCA) will lend you up to 20% of the value of your property through an equity loan, which can be repaid at any time or on the sale of your home. The equity loan is interest free for the first 5 years, with only a £1 monthly management fee payable.

You then need to secure up to a 75% mortgage from a bank or building society to cover the remaining amount.

Available exclusively on new build homes up to a maximum purchase price of £600,000 in England.

Who is eligible?

The Equity Loan Scheme is available to first-time buyers and existing home owners. The property purchased must be your only residence. Help to Buy is not available to assist buy-to-let investors or those who will own any property other than their Help to Buy property after completing their purchase. You cannot rent out your existing home and buy a second home through Help to Buy.

The terms of the scheme vary between London and the rest of England, so take a look at the Help to Buy Scheme in your area for more details – details can be found below.

5% Deposit

You only need a minimum 5% deposit.

20% Government Loan

The government will lend you up to 20% of the value of your property through an equity loan, which can be repaid at any time or on the sale of your home.

75% Mortgage

So you will only need to secure up to a 75% mortgage from a bank or building society.

£600,000 Maximum Purchase

Maximum home purchase of £600,000.