The Help to Buy Equity Loan Scheme is available to first time buyers who are looking to buy a new build property up to the value of £349,000, this version of the scheme started in 2021 and ends in 2023. MORE >
The scheme enables you to purchase a new build property with a 5% deposit, the Government then allow you to borrow the additional 20% of the property value to put towards the cost of buying a home.
During the term of the equity loan you only pay the interest on the amount you borrowed, you do not pay off the loan its self. You can choose to pay all or part of it off at any time. If you sell your home you will need to repay the rest of the equity loan.
Help to Buy cannot be used to buy a home that has already be lived in, the scheme is aimed at first time buyers looking to buy a new build property.
For further information on the Help to Buy Equity Loan Scheme you can download the homebuyers guide.