Available Schemes & Criteria
Help to Buy – Equity Loans on New Builds
This began in April 2013 and allows purchasers of some new build properties to borrow up to 20% of the property’s value from the Government. These loans are interest-free for the first five years. The purchaser needs to contribute a deposit and the mortgage and deposit must cover a minimum of 80% of the total purchase price.
Help to Buy – Mortgage Guarantee
The second phase of the Help to Buy scheme began in October 2013 and is aimed at encouraging banks and building societies to offer mortgages to home buyers with small deposits for properties up to the market value of £600,000.
Help to Buy – Deposit ISA
In 2015 the government introduced the help-to-buy deposit ISA to help people save for their first deposit. They will contribute a lump sum to start and a monthly saving bonus amount. Details can be found on their Help to Buy ISA Guidance notes.