Help to Buy scheme is available exclusively for first-time buyers on New Build homes only.
Help to Buy is available to First Time Buyers wanting to purchase a New Build home within the following regional price caps.
The price caps are as follows:
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
The caps were set at 1.5 times the average regional first time buyer price as forecast in 2018.
See full details of the Help To Buy scheme here.
How does the scheme work?
"Help to Buy: Equity Loan helped us to buy our dream home"
Dan Twigg and Sarah Edwards saved up their deposit and using Help to Buy equity loan scheme were able to purchase their dream Lovell Home.
Under the scheme, if you are a first time buyer you’ll only need a 5% deposit to purchase a new build home. The government will lend you up to 20% of the value of the property, so you can access mortgages up to 75% of loan to value.
The loan is available on Freehold new build properties in England*, as long as they’re not being bought as buy-to-let. Regional price caps are in place which impact the value of homes eligible for Help to Buy depending on where you're purchasing - please refer to the above details.
The loan can be repaid at any time and is interest-free for the first five years. After that, it will be charged at 1.75% of the equity loan, rising annually by RPI plus 1%.
*Developments that are not eligible for Help to Buy include Platting Village & East Avenue.
For more information please click Here
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