Help to Buy London is changing
From 1st April 2021, the Help to Buy scheme will be available to first-time buyers only.
How does the scheme work?
If you’re buying a new build home in London, you can now get even more help from the government with the London Help to Buy Scheme.
This scheme is similar to the standard Help to Buy Equity Loan, but allows buyers in London to benefit from a 40% loan from the government on purchases of new build homes under £600,000.
With the equity loan, the government lend you up to 40% of the value of your brand new home. All you need to pay is a 5% deposit, with a mortgage of 55% to cover the rest of the costs. And what’s more, your loan will be interest free for five years after the purchase of your brand new home. The loan must be repaid after 25 years, or when you sell your home.
The scheme is open to UK residents currently living in the UK, including first time buyers and those looking to move from their current property. It can be used in any district of London, as well as the City of London.