How does it work?

The Government lends you between 10% and 20% of the cost of your new-build home, so that you’ll only need a 5% cash deposit and 75% mortgage to make up the rest.

Getting on the housing ladder.

With just £7,000 deposit, the apartment in this example is just £140,000, you’d mortgage £98,000 (75%) and the government would loan £28,000 (20%) interest free for 5 years.

You won’t be charged loan fees on the 20% loan for the first five years of owning your home.

The loan is paid back either at the end of the mortgage term, or when the property is sold.

For more information (including advice on fees and paying back your loan) please download the Help to Buy buyers’ guide (PDF).

Am I eligible?

  • The scheme is open to both first time buyers and existing home owners**.
  • There is no maximum household income.
  • You can purchase a property with a maximum value of £600,000.
  • You will need a minimum 5% deposit to qualify.
  • The maximum age is 75 years of age – as this impacts the mortgage.

**Home owners can reserve a new build property as long as their existing property has sold before completing on the new property. 

We have a mortgage advisor available who can discuss arranging a mortgage. With just a 5% deposit and minimum joint earnings from £25,000 per year you could be in your own home for Christmas.

It can be cheaper to buy than rent. 

A fixed 5 year mortgage for a £140,000 property with 5% deposit and 20% equity loan has monthly payments around £444. 

With self management, no ground rents, leading insulation with highly efficient gas heating Park View overheads should also be a lot less than most.

The equity loan is provided by the Homes England. The contribution is secured by a second charge on your property title registered at Land Registry. 

No. Help to Buy is designed to assist you to move on to, or up the housing ladder. If you wish to sublet, you will first have to repay the Help to Buy equity loan. 

In exceptional circumstances, e.g. a serving member of the Armed Forces, whose role requires them to serve away from the area in which they live for a fixed period, then sub-letting is allowed. In these circumstances you would also require approval from your mortgage lender and post sales agent. 

No. Help to Buy is designed to assist you to move up the housing ladder and must be your only residence. This means you will be expected to sell your current home if moving up the ladder. The disposal of your current home will be verified by your solicitor/conveyoncer before you can proceed to exchange contracts on the Help to Buy home.

In addition you cannot be linked to a property financially, 
for the avoidance of doubt, married couples own assets jointly and therefore if one owns a property the other is directly linked to the asset and treated as a home owner also. 

No. Help to Buy is designed to assist you to move up the housing ladder. If you can afford to purchase another home you will have to repay the Help to Buy equity loan. Married couples also standardly by law own each others assets, therefore all assets in a single name are treated as jointly owned in this scenario. 

Not without permission. Because Help to Buy is designed to help people move up the housing ladder, you should consider repaying part or all of the Agency’s contribution before making plans for improvements or alterations. This is because the Agency is seeking to help future aspiring buyers and may use the proceeds of these repayments to make more assistance available.

Therefore, consent will not usually be granted for significant home improvements. The Post Sales Agent will act reasonably in considering any application and will review cases of hardshop if, for example, property modifications are required for a disability.

When your property is sold in the future, if improvements have been made with the approval of the Post Sales Agent, these will be ignored when your property is valued to work out how much should be repaid to the Agency. 

Interest fees can be paid in a single yearly payment or in monthly instalments after the 5th year. The Post Sales Agent will collect your fee by direct debit or standing order. They will contact you at least a month before your fees are due, to set up your repayment arrangement.

You will also receive a statement each year confirming when your fees are payable. The annual statement will also show any payments you have made once you start paying the fee.

The £1 management fee is to cover administration costs over the period of the loan (excluding any administration costs for defaulting borrowers, changes of ownership, consents or repayment costs). This fee is payable by you from the start of the loan until you have repaid it. The fee does not reduce the amount that is owed on the loan. It will be collected by the Post Sales Agent by direct debit each month.

Help to Buy Downloads

Help to Buy Process

Help to Buy Buyers Guide

Help to Buy 

Property Information Form