Help to Buy Mortgages

Thanks to the government’s Help-to-Buy Schemes, you a may be eligible to get a property with as little as a 5% deposit and finally put your foot onto the property ladder as a first-time buyer.

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Find out whether the Help-to-Buy Equity Loan Scheme could help you buy a new build home.

You can take out a Help-to-Buy Equity Loan from the government for up to 20% of the purchase price of a new build property (40% in London). You must put down at least 5% deposit from your own savings or a family gift. If the builder is contributing towards the deposit that’s also acceptable, but this needs to be in addition to your 5%.

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How do borrowers repay the Help-to-Buy Equity Loan Scheme?

You do not make any payments on the equity loan for 5 years and if you want to avoid fees accruing then you would look to pay it off at that time from savings and/or a remortgage.

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Popular FAQs

How much deposit do I need for a Help to Buy mortgage?

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A minimum of a 5% deposit is required for the Help to Buy Equity Loan Scheme, although, you can increase this amount up to 20% if you have the ability to do so. The more deposit that you put down, the less the government will need to lend you to make up the 25% overall deposit.

Who can access the Help to Buy Equity Loan scheme?

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You must be a first time buyer to be able to access the Help to Buy Equity Loan Scheme.

Can the scheme be used on any property?

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The Help to Buy Equity Loan scheme is restricted to new builds only and the builder must be registered for Help to Buy. The maximum property price is capped depending on the property's location. The cap is based on 1.5x the average property price in the region.

How do you pay back the Help to Buy Equity Loan?

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You can pay back the equity loan at any time in the first 5 years without incurring any penalties or additional charges. During the first 5 years the equity loan will be interest free. If you do not manage to pay it off within this time frame, you will start receiving interest on the remaining amount, starting at 1.75%.

Are the Help to Buy mortgage rates good?

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Help to Buy mortgage rates will vary depending on what sort of deal that you are looking for. Since the deposit is 25% including the government’s loan this means you will be looking at a lower rate of interest than say if you were putting down 10% on a standard (not new build) home.

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