The Help to buy scheme offers an equity loan where the government lends first time buyers, and those of you looking to move up the ladder, money to buy a newly-built home.
The property price must be less than £600,000. 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.
If you live in London, you can borrow up to 40% of the purchase price.
The equity loan is interest free for the first five years. After that, you will pay a fee of 1.75%, rising annually by the increase (if any) of the Retail Price Index (RPI) + 1%.
The equity loan can be repaid at any time within 25 years (or the term of the mortgage), or on the sale of the property.
Cost of home – £200,000
To apply you will need to find a property through a participating registered builder and complete their relevant paperwork.
We can help you with all aspects of your help to buy purchase. Give us a quick call on 020 8517 1141 to chat to an advisor and find out if you're eligible for help to buy.
Check the latest help to buy mortgage rates to find out how much you could borrow —Help to buy checker