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Help To Buy Mortgages

What is help to buy mortgage?

The ‘Help to Buy’ is a government-backed equity loan assistance scheme to help first-time buyers and those looking to move up the property ladder. First time buyers and home movers are both eligible for an equity loan. This scheme is applicable for new build homes only.

Help to Buy equity loan : You put down a deposit of at least 5% on a new-build property, the government will then lend a further 20%, creating a total deposit of 25%. There’s a maximum purchase price of £600,000. The government’s lending of 20% loan is interest-free for the first five years.
If you sell your home, you will have to pay back the government 20% of your property value as it’s an equity loan whether the value has risen or fallen.
London Help to Buy : If you’re buying home in London, you are eligible for equity loan up to 40% of the property value.
That means you put 5% deposit so you’ll have 45% of the value of the property to put down. You’ll need to take a mortgage out for the remaining 55% of the cost.
The scheme only applies to new-build properties worth up to £600,000. The property you are buying must be your only home, you cannot use the Help to Buy scheme to purchase a buy-to-let property.
Help to buy equity loan scheme

To be eligible for Help to Buy:

  • have a deposit of at least 5%
  • home worth £600,000 or less
  • be buying to live not to let or second home

London help to buy scheme example

London help to buy scheme

Help to buy equity loan example

Your Home may be repossessed if you do not keep up repayments on Your Mortgage