What is London Help to Buy?

London Help to Buy is a government backed scheme created to help people onto the property ladder.

With a Help to Buy: Equity loan the government lends you up to 40% of the cost of your newly built home, so you will only need a 5% cash deposit and a 55% mortgage to make up the rest.

You won’t be charged loan fees on the 40% for the first five years of owning your home.

See example below for a home with a £400,000 price tag;

 

Who is eligible?

London Help to Buy equity loans are available for first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000.

You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with London Help to Buy.

*taken from www.helptobuy.gov.uk

Helpful Web Links

www.helptobuy.gov.uk