Help to Buy
Boost your deposit with Help to Buy
The Help to Buy: Equity Loan also known as Help To Buy is a government-backed scheme that helps you get on the property ladder by boosting your deposit.
If you can offer a deposit of 5% of the home’s total value then you can borrow up to 20% (outside London) or 40% (in London) of your home’s value from the government. This loan is interest-free for the first five years.
The scheme is available on new build properties in England that are valued up to £600,000, and is open to any UK resident.
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Is Help to Buy right for you?
The Help To Buy equity loan is only suitable if you’re certain you will be able to afford your mortgage repayments.
While the equity loan is offered interest-free for the first five years, if you do not pay back your loan within that time the rate of interest charged will increase each year, so repayments will become increasingly expensive.
More information is available on the Government Help to Buy website.