How does it work?
You could borrow up to 40% of the purchase price from the Government with London Help to Buy. You only need a 5% deposit and your mortgage would make up the other 55%. The scheme is available on new build homes valued up to £600,000 to all UK residents, of any age, within the 32 London boroughs and the City of London. The government has provided information for you to check whether you’re eligible to use the London Help to Buy scheme.
Example for The Rushgroves – typical 2 bed apartment – £580,000
(Figures are calculated using the London Help to Buy Equity Loan values)
Your Deposit – £29,028 (5%)
London Help to Buy Equity Loan – £232,224 (40%)
Your Mortgage – £319,308
Estimated Monthly Cost: £1,432 (Based on 2.5% over 25 years)
Other schemes that are available
In addition to the London Help to Buy equity loan scheme, The Rushgroves also have apartments available with Shared Ownership.
Check out find a home to see if London Help to Buy is available on the homes you are interested in.