HELP TO BUY
Help to Buy is a government scheme which can help first time home buyers get a property with just a 5% deposit. Use this guide to learn how Help to Buy schemes work, how to qualify and the different options available.
How does Help to Buy work?
The Help to Buy scheme offers an equity loan where the government lends first-time buyers and existing homeowners money to buy a newly-built home.
Who can’t apply for the scheme?
- You can’t use the above schemes to buy a second home or a property to rent out.
- If you use Help to Buy, you can only take out a repayment mortgage.
- You can’t buy a property for more than the set price limits (see below).
- In England, both schemes apply to homes costing up to £600,000.
- In Northern Ireland there is a different equity loans scheme (link below).
- In Scotland the maximum threshold depends on the value of the property and when your application is completed. For example, for applications completed on or before 31 March 2017, the maximum purchase price can’t exceed £230,000.
- In Wales, both schemes apply to homes costing up to £300,000.