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.
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 - Own Your Home
Help to Buy is available subject to eligibility, terms and conditions
Help to Buy: London
Make buying a new home in the capital more affordable with the government-backed Help to Buy London scheme. Find out more about the scheme online.More
Help to Buy: ISA
Help to Buy ISAs launched in autumn 2015, offering help for first-time buyers with up to £3,000 towards a deposit. Find out more online at Lovell Homes.More
Stamp Duty Calculator
Use our handy Stamp Duty Calculator to work out what rate you'll have to pay for your new home. Visit Lovell Homes online today to calculate stamp duty.More