About the Help to Buy: Equity Loan scheme
The Government-backed Help to Buy: Equity Loan scheme is in place to help you take the first step on the property ladder with a 5% deposit.
As a first-time buyer searching for a newly built home, Help to Buy could help you buy sooner than you think.
How does it work?
- You only need a 5% deposit
- The Government lends you up to 20% of the value of your new home
- You need to secure a 75% mortgage
- The equity loan is interest free for the first 5 years
Important things to note:
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- Maximum property purchase prices apply depending on the location of the home
- The scheme is for first-time buyers only
- This scheme is not available to buy-to-let investors or those who already own a property
- The equity loan is interest free for the first 5 years
Help to Buy: Equity Loan price caps
Help to Buy: Equity Loan price caps – April 2021 to March 2023
Region Maximum property price
North East £186,100
North West £224,400
Yorkshire and the Humber £228,100
East Midlands £261,900
West Midlands £255,600
East of England £407,400
London £600,000
South East £437,600
South West £349,000
Terms & Conditions apply, for full details read the Homebuyers guide to Help to Buy: Equity Loan 2021-2023
For further information speak to our Sales Team.
Help to Buy: Wales
From 1st April 2021, the Help to Buy Wales scheme is changing, with a lower price cap of £250,000 being introduced.
With a Help to Buy Equity Loan, the Government lends you up to 20% of the cost of your newly built home This means 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.
The scheme in Wales is changing. Until April 2021, you could be eligible to buy your first home or your next home with a Help to Buy equity loan up to the value of £300,000. From April 2021 a lower price cap of £250,000 is being introduced.
Important things to note:
- The current scheme is available on newly built homes with a price of up to £300,000 in Wales, changing to £250,000 after April 2021.
- This scheme is not available to buy-to-let investors
- The home you buy on this scheme must be your sole residence
For further information speak to our Sales Team.
