What is London Help to Buy?
Help to Buy equity loan scheme means you can move with just a 5% deposit and is available to first time buyers.
- The Government provides an equity loan of up to 40% of the value of your property which is interest free for 5 years
- The Help to Buy equity loan can be repaid at any time or on the sale of your home
- Just a 5% deposit required
- You only need a 55% mortgage
- 40% Government equity loan – interest free for the first five years
- Available on new build homes up to £600,000
You can see more about Help to Buy here www.helptobuy.gov.uk/equity-loan/faq/
As of April 2021, the Government has announced a new Help To Buy scheme which is proposed to run until March 2021, to include the following:
- It will be restricted to first time buyers only
- Include regional property price caps, although will remain at £600,000 in London
- You can borrow an equity loan of up to 20% (40% within London), of the sale price of the new build home
- You pay a monthly management fee of £1 a month, for the lifetime of the loan