Help to Buy
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.