Help to Buy
If you are a first-time buyer, the government’s Help to Buy scheme (2021-2023) can get you moving with just a 5% deposit.
Who is eligible?
- This is a loan from the government that you put towards the cost of buying a newly built home.
- You can borrow a minimum of 5% and up to a maximum of 20% of the full purchase price of a new-build home.
- The purchase price must be no more than £349,000 in the South West.
- You must buy your home from a homebuilder registered for Help to Buy: Equity Loan.
- The equity loan, the deposit you have saved, and your repayment mortgage cover the total cost of buying your newly built home.
- The percentage you borrow is based on the market value of your home when you buy it.
- You do not pay interest on the equity loan for the first 5 years. You start to pay interest in year 6, on the equity loan amount you borrowed.