Help to buy
What is London Help to Buy? A Government scheme aimed at helping people with small deposits to buy their first home or move up the property ladder. It's available as an equity loan until 2021.
The London Help to Buy scheme is a popular Government-backed initiative helping first-time buyers, as well existing homeowners, move up the London property ladder.
- Just a 5% deposit is required
- You only need a 55% mortgage
- 40% Government equity loan - interest free for the first 5 years
- Available on new build homes up to £600,000
- For new homes in the 32 London Boroughs & City of London
Help to Buy is a scheme aimed at first-time buyers and homeowners looking to move up the property ladder.
So long as you can raise a 5% deposit, the Government will provide an equity loan of up to 20% of the property value.
You'll then have to qualify for a standard mortgage for the remaining 75%. Lenders participating in the scheme include Santander, Barclays, NatWest and Halifax.
Help to Buy is available on new-build homes with a maximum value of £600,000. The scheme is scheduled to close in 2021.