About Help To Buy

Help To Buy is a Government backed scheme which allows eligible buyers to buy a new-build home with a 5% deposit - therefore only requiring a 75% mortgage with the remaining 20% funded by the Government through an equity loan.

In the past four years the Help to Buy scheme has helped more than 200,000 people buy a newly-built home. The scheme now accounts for one in 12 of all first-time buyers making homeownership more achievable for people up and down the UK. If you’re a first time buyer it can be difficult to raise a large deposit to purchase your first home. With Help to Buy you only need just a 5% deposit to get a mortgage.

How Does It Work

• The scheme is available on new-build properties under the value of £600,000.
• The Help To Buy equity loan can be paid back at any time during your time at the property or on the sale of your home.
• The equity loan is interest free for the first five-years although you may still have to pay interest on your mortgage.
• Help To Buy is available to all new homebuyers not just first time buyers.
• You won't be able to sublet your home.
• Help To Buy is only available on new-build homes in England.

Paying Back The Loan

Once you purchase your home, your home will be in your name, which means you can sell it at any time. You won’t have to pay your equity loan back until you decide to sell your property or at the end of your mortgage period. You can however, pay some of your equity loan back sooner. You are entitled to pay either 10% or 20% of your equity loan back as long as your loan equates to a minimum 10% of the total value of your home.