Help to Buy: Equity Loan 2021-2023

Help to Buy: Equity Loan has now closed to new applications.

Help to Buy: Equity Loan has now closed to new applications.

L&Q are leading providers of Shared Ownership – a Government-backed scheme that helps first time buyers afford to get on the property ladder.

Through part-buy/part-rent, buyers purchase shares of a property that would otherwise be unaffordable to them.

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Find out about other government home ownership schemes

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What if I am currently buying a home with Help to Buy: Equity Loan?

If you’re buying a home with Help to Buy: Equity Loan and would like information about your application, contact your Help to Buy agent. You can also find information about the application process in the Homebuyers’ guide to Help to Buy: Equity Loan.

 

What if I already have a Help to Buy: Equity Loan?

If you have a Help to Buy: Equity Loan, you can find information about interest payments and how to make changes to your equity loan on www.gov.uk/manage-equity-loan.

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Frequently asked questions about Help to Buy

 

What is the Help to Buy: Equity Loan?

Now closed to new applicants, the Help to Buy: Equity Loan was a government-backed scheme aimed at first-time buyers looking to buy a newly built home.

The scheme was created to keep mortgage payments lower and deliver other benefits, such as giving you access to a wider range of mortgage products. If you were able to offer a deposit of 5% of the home’s total value, you could borrow up to 20% (outside London) or 40% (in London) of your home’s value from the government. This loan was interest-free for the first five years.

 

When does Help to Buy end?

The Help to Buy: Equity Loan scheme ends on 31 March 2023. However, applications closed on 31 October 2022.

 

What will replace Help to Buy in 2023?

While there isn’t a direct replacement for Help to Buy, alternatives such as Shared Ownership and London Living Rent are available to first-time buyers.

Learn more about Shared Ownership

Explore the following resources to find out more about Shared Ownership with L&Q

Shared Ownership

Shared Ownership is a government-backed scheme that helps first-time buyers afford to get on the property ladder. Through part-buy/part-rent, buyers purchase shares in a property that would otherwise be unaffordable to them.

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Eligibility

To be eligible to purchase a shared ownership home you must have a combined annual household income under £80,000 when buying outside of London, or £90,000 in London. You must not own a property, or part of a property, at the time of completing on your purchase, have a good credit history and have a minimum of £5,000 to cover the costs of buying a home.

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Buying Process

Whilst you are in the process of applying for shared ownership eligibility you can still register your interest in developments you are interested in. Once you find the right home you can reserve and move onto the financial interview stage. Then you can appoint a solicitor and look forward to completion day and receiving the keys to your new home.

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