Help to Buy equity loans
With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
Help to Buy equity loans are open to both first-time buyers and home movers on new-build homes worth up to £600,000.
London Help to Buy
To reflect property prices in London the Government lends you up to 40% of the cost of a newly built home, so you'll need a 5% deposit and a 65% mortgage to make up the rest.
You won’t be charged loan fees on the 40% loan for the first five years of owning your home.
London Help to Buy equity loans are open to both first-time buyers and home movers on new-build homes worth up to £600,000.
In the March 2014 Budget the government extended Help to Buy equity loans to March 2020. In the 2015 Autumn Statement the Government announced that Help to Buy equity loan would be extended until 2021.
In July 2020 the Government extended the completion dates for Help to Buy homebuyers who reserved their homes by 30th June 2020. The deadline for practical completion will move from 31st December 2020 to 28th February 2021. Further details available here.
Homebuyers who have experienced severe delays due to Covid-19 will now have until 31st May 2021 to reach legal completion.The legal completion date for homebuyers who have reserved since 1st July 2020 remains as 31st March 2021.
Another scheme, Help to Buy mortgage guarantees, were discontinued at the end of 2016.
For further information on Help to Buy schemes, including London Help to Buy, please visit www.helptobuy.gov.uk
For further information on other affordable home ownership schemes such as shared ownership please visit www.gov.uk
There are different home ownership schemes available in Wales and Scotland .