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Help to Buy

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Whatever your position on the property ladder, the government’s Help to Buy scheme can get you moving with just a 5% deposit.

Who is eligible?

  • Available to first-time buyers and existing homeowners who want to buy a ‘new build’ house.
  • The purchase price must be no more than £600,000.
  • Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have at least a 5% deposit.
  • The Help to Buy equity loan scheme will be extended until 2023. However, this extension will be restricted (from April 2021) to first-time buyers purchasing newly built homes.
  • From 2021, there will also be new regional price caps which could reduce the maximum value of homes that can be bought through the Equity Loan Scheme.
  • You can’t use the above schemes to buy a second home or a property to rent out.

If you use Help to Buy, you can only take out a repayment mortgage.

To find out more about the Help to Buy scheme, visit the official website: https://www.helptobuy.gov.uk