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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?
Available only on brand new homes, Goverments "Help to Buy scheme" gives financial assistance to new home buyers by reducing the deposit required down to 5%.
 
Now used as an ‘umbrella’ brand for a variety of government homebuying schemes, the main part of this initiative provides financial assistance to buyers in the form of an equity loan, a lump sum added to the purchaser’s deposit to reduce the size of the mortgage they need. This loan is interest-free for five years and only needs to be repaid when the property is sold. Hundreds of housebuilding companies have signed up to the scheme, and there are just a few eligibility criteria for potential buyers to meet in order to qualify for it.

The latest statistics from the government show that over 100,000 homes were purchased with this equity loan from the launch of the scheme in April 2013 to the end of September 2016, with 80% of them purchased by first-time buyers.
 
young couple looking at new homes

view of London Thames
Help to Buy London
This part of the scheme, only available in Greater London, varies slightly from the national equity loan scheme available in other areas of the UK to reflect the generally higher property prices in the capital. With an equity loan of 40% is given once the buyer puts down an initial deposit of 5%, meaning they only need to find a mortgage for 55% of the property price.

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Help to Buy England
The scheme in England is available to new build homes costing up to £600,000. The buyer needs a 5% deposit on the property, and receives a 20% equity loan from the government, so the purchaser has to find a mortgage for the remaining 75% of the property price.

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aerial view of a town in England

Help to Buy Scotland
Help to Buy Scotland
The Scottish strand of the scheme was launched in March 2016. It has recently been extended to help first-time buyers until 2021. It has some variations to its counterpart in England, including an annually reducing price threshold (£230,000 for purchases to March 2017, then £200,000 until March 2018, then £175,000 until the end of the scheme) and an equity loan of 15% of the property price.

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Help to Buy Wales
Help to Buy Wales (Cymorth i Brynu Cymru) works along the same principles of the scheme for England, but the property price limit is £300,000. The buyer needs to provide a 5% deposit and will receive a 20% equity loan from the government, with a mortgage of 75% of the property price needed to complete the purchase.

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View of Cardiff

Help to Buy ISA
Help to Buy ISA
For first-time buyers, saving for a deposit can be difficult. The ISA is a useful saving tool that will give you that extra boost as the government will add back the tax on your contributions, a bonus of 25% on what you have saved. This means savers will receive up to £3,000 as a bonus and earn interest on their savings.

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The role of a Help to Buy agent
An agent is an organisation to guide you through the whole process of buying a home with the scheme in the region you are buying in. Your local agent will explain all the options available to you as well as explaining the affordability and eligibility criteria. The housebuilder providing the home you want to buy, will put you in touch with the agent when you need it.

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An agent providing details to a young couple

Help to Buy guide
Help to Buy guide
Read all about the Help to Buy scheme in our free, easy-to-understand guide.

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Help to Buy homes by area
FAQ
How does it work?
What's best for me, equity loan or the mortgage guarantee scheme?
Can I buy a home off-plan?
Do I have to pay stamp duty?
Are there any restrictions on the type of property I can purchase?
Can I rent out my Help to Buy home once its bought?
Case Studies
Rhys and Charlotte outside their new home
31 July 2018
Help to Buy has helped thousands of first-time buyers purchase their dream home, including Rhys and Charlotte, who purchased a three-bedroom fami...
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Hannah and Chelsea in their new home
28 June 2018
Thanks to the Help to Buy scheme and a gift from Bank of Mum, first-time buyers Hannah and Chelsea have been able to get on the property ladder.....
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Alan, Cheryl and their children
19 June 2018
A Bedfordshire couple has used the Help to Buy scheme to upsize to a family home at David Wilson Homes’ Kingsley Manor development in Langford…
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Recent News
Mulberry House (Guild Homes)
13 August 2018
The region is experiencing a growth in population and increased rental prices – persuading many tenants to venture onto the property ladder...
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Bonnington (Miller Homes)
9 August 2018
The WhatHouse? team provides house-hunters around the country with some of the latest launches, events and special offers...
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Carriage Court (Go Homes)
2 August 2018
It's another very busy week in the new homes market, with a number of launches, events and special offers for buyers to enjoy...
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