Help To Buy



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Help to Buy Mortgage

Many first-time buyers find themselves with a small deposit saved and unable to afford the home of their dreams. The government funded Help to Buy scheme is designed to assist buyers in this situation, by providing a loan towards your deposit, enabling first time buyers to reach higher purchase prices with just a 5% deposit. 

The government backed scheme provides a contribution towards deposit of 20% (40% if in the London area), thus reducing the overall loan to value.  Not only can you afford a greater value property than you otherwise may not be able to, but the mortgage product offered will be more favourable due to this reduced exposure on the bank.

Am I eligible for Help to Buy?

The criteria to be eligible for the Help to Buy scheme is particular, so it’s important to check the following applies to you before venturing down this path:

  • You are 18 or over
  • You are a first time buyer
  • The property is a newbuild

There are also different maximum loan amounts depending on where in the UK you live. If you are buying in London, you could receive up to 40% of the property purchase price from the government to form a total deposit of 45%. If you are outside London, the maximum loan available would be 20%, meaning you would have a total deposit of 25%.

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Do I pay the loan back?

As this is a loan from the government, the funds will be repayable. However, the first five years of having the loan will be interest free, meaning it’s certainly wise to chip away at the balance of the loan as soon as you can. The loan must be repaid after 25 years, or earlier if you sell your home before then, and the amount you repay will be the same percentage that you borrowed according to the current value of your home. The likelihood is that your property will increase in value and in turn so will the value of the loan you must pay back.

What else should I be aware of?

Alongside the above eligibility criteria, there are price caps on the maximum property value which would be accepted. If you are looking at purchasing above these levels, you would not be able to access the Help to Buy loan.

  • London: £600,000
  • South East: £437,600
  • East of England: £407,400
  • South West: £349,000
  • East Midlands: £261,900
  • West Midlands: £255,600
  • Yorkshire and the Humber: £228,100
  • North West: £224,400
  • North East: £186,100


Additionally, the smallest part repayment which can be made towards the loan is 10% of the market value of the property at the time of repayment. Once the first 5 years of the equity loan is up, interest will be payable at a rate of 1.75%, increasing yearly from then on. Further information can be found here, or by contacting our expert brokers for more guidance if you feel as though the Help to Buy loan will be right for you.