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Help to Buy
The Help to Buy scheme is designed to help first-time buyers purchase an affordable new build. Find out all you need to know and how you can benefit with WhatHouse?
What is Help to Buy?
The Help to Buy scheme gives financial help to potential home buyers to buy a property they wouldn't otherwise be able to buy.

It consists of two major parts: the Help to Buy: Equity Loan and Help to Buy: Mortgage Guarantee. The Help to Buy name is now also associated with the Help to Buy: Shared Ownership scheme and potential buyers can also save their money via a Help to Buy ISA.

Especially helpful to first-time buyers and for those buying a new build home, Help to Buy has been a great success since it started. By summer 2016, it's estimated that it's helped well over 150,000 potential homebuyers achieve homeownership.
What is Help to Buy?

Help to Buy London
Help to Buy London
Help to Buy London varies slightly from the national Help to Buy: Equity Loan scheme available in other areas of the UK, taking onto account the generally higher property prices. With Help to Buy London an equity loan of 40% is given once the buyer puts down an initial deposit of 5%. This means you'll receive a mortgage of 55% from a commercial lender.

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Help to Buy England
Help to Buy: Equity Loan is available for properties costing up to £600,000. If you qualify for the scheme then you put down 5% of the purchase price of a new home. You then receive a 20% loan from the government’s Homes and Community Agency to add as a deposit. The remaining 75% of the property price is paid for by a mortgage.

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Help to Buy England

Help to Buy Scotland
Help to Buy Scotland
Help to Buy (Scotland) Affordable New Build Scheme was launched in March 2016 (alongside the Help to Buy (Scotland) Smaller Developers scheme, which is run in exactly the same way) with the aim of helping existing homeowners and first-time buyers purchase new build homes. It's a revamping of the previous Help to Buy scheme which was available and has some variations to its counterpart in the rest of the UK.

With Help to Buy Scotland homebuyers are required to put down a deposit of 5%, with this deposit plus the mortgage given by the lender covering 85% of the purchase price.

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Help to Buy Wales
Help to Buy Wales (Cymorth i Brynu Cymru) works along the same principles of the main Help to Buy scheme. With Help to Buy Wales the buyer puts down an initial deposit, the government (subject to the buyer meeting qualifying criteria) then gives the buyer an equity loan with a commercial lender supplying the rest of the mortgage as follows:

· The buyer puts down an initial 5% of the property purchase price.

· The Welsh government then lends an equity loan of 20% of the property purchase price

· The buyers obtains a mortgage from a lender for the remaining 75%

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Help to Buy Wales

Help to Buy ISA
Help to Buy ISA
With a Help to Buy: ISA you can receive up to £3,000 as a bonus to your savings as well as earn around 2.5% interest on the savings you accumulate. For those first-time buyers having difficulty saving up the deposit for a new home, it's additional money that can be a crucial factor in whether you get on the property ladder or not.

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Participating lenders
Allowing for regional variations, you'll find that most banks and building societies are participating in the Help to Buy scheme. A full list can be found for England, Scotland and Wales on their respective Help to Buy websites. If you're in any doubt about whether a lender is participating, you can contact them directly or check their website for more details.
Participating lenders

The role of a Help to Buy agent
The role of a Help to Buy agent
A Help to Buy agent is the registered provider of Help to Buy for the region you are buying in, an organisation to guide you through the whole process of buying a home via the scheme. Your local Help to Buy agent will explain all the various options available to you as well as explaining the affordability and eligibility criteria.

Appointed by the government's Home and Communities Agency, the agents also have the authorisation to say whether someone qualifies for the Help to Buy: Equity Loan scheme or not. They only assist with Help to Buy Equity Loan and not the Mortgage Guarantee Scheme.

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Help to Buy guide
The government's Help to Buy scheme has been very popular with UK homebuyers, helping well over 100,000 of them purchase a property in the little more than two years since its launch in April 2013.

Use our Help to Buy buyers guide to find out all you need to know about the scheme: whether you qualify, what you can buy with it and how it will assist you. 

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Help to Buy guide

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