Help to Buy

Help to Buy Equity Loan (2021 - 2023) scheme.

How it works:

• You get together your 5% deposit.
• The government lends you up to 20% of the property value (up to 40% if buying within Greater London).
• You’ll need to secure at least a 25% mortgage.
• The loan is interest free for the first 5 years and then charged thereafter.
• It applies to new build properties only.

It’s worth knowing too that the government has set regional price limits of 1.5 times of the average first-time buyer price in each region to reduce the amount that needs to be borrowed.

Who it’s for:

• First time buyers only.
• It must be your only property.

Help to Buy Affordable New Build Scheme in Scotland

There was Help to Buy (Scotland): Affordable New Build scheme available in Scotland and, if you have a current application under this, it will still be processed but since 5 February 2021, the Scottish government will no longer accepting new applications for this. It will, however,  continue to accept applications to the Help to Buy (Scotland): Smaller Developer scheme. 

In addition the Scottish government has a First Home Fund to assist first time buyers in buying a second hand home or new build. The original Fund has been allocated and a new Fund will be available from 1 April 2021 until 31 March 2022 or until the Fund runs out.  Payments from the Fund can be up to £25,000 or up to 49% of the property valuation figure or the purchase price - whichever is lower. Further details can be obtained at https://www.gov.scot/policies/homeowners/first-home-fund/.

Help to Buy in Wales

Help to Buy – Wales is a shared equity loan scheme designed to help first time buyers and existing home owners in Wales purchase a new-build home up to a value of £300,000, with as little as a 5% deposit. The Welsh Government will fund a shared equity loan for up to 20% of the purchase price.

Please note

Terms and conditions apply to all Help to Buy schemes.

Sources: UK | England | Scotland | Wales