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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?

AnchorHelp to Buy is a government scheme that was introduced in April 2013, financially supporting new home buyers in purchasing their brand new homes. The required deposit is reduced down to just 5% because; the government offers an equity loan of 20% of the property value at an interest-free rate for the first five years. This loan only needs to be repaid when the property is sold, providing the government with 20% of the current property value. 

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.  Hundreds of housebuilding companies, even prestigious developers such as Barratt homes, have signed up to the scheme. 

There are just a few eligibility criteria for potential buyers to meet in order to qualify for it, such as:
•    Be a UK resident
•    Must be purchasing a new build 
•    Must not own any other property at the time of the equity loan
•    The property you obtain the Help to Buy loan on must not be rented out or purchased for Buy to Let purposes
•    Generate enough income to keep up the mortgage repayments

The Help to Buy scheme is available to both first-time buyers and current homeowners looking for a new build. From 1 April, 2013 to 31 March, 2018, 169,102 properties were brought through the Help to Buy equity loan and 81% of these properties were purchased by first-time buyers.   

In London, Help to Buy rules slightly differ with the equity loan rising from 20% to 40% in February 2016, increasing the amount of homeowners in London using Help to Buy. The rest of England provides a 20% equity loan for properties up to £600,000, the same as in London. Help to Buy (Scotland) provides a 15% equity loan to homebuyers looking to purchase a new property under £200,000. The Help to Buy scheme in Wales also differs slightly from England, offering the same 20% equity loan but on properties under £300,000.

Case Studies
Ellie and Nick in their new home
16 July 2019
When Nick and Ellie Padley decided to move house, they were faced with weighing up the benefits of old properties versus new homes…
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Amanda Parment in her new home
18 June 2019
27-year-old Amanda Parment recently purchased her first home at Southern Space's Dalmeny Avenue in Islington...
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Alex in his new home at The Levers (Peabody)
28 May 2019
At age 23, business consultant Alex strikes out on his own with his first property purchase in Elephant & Castle...

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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?
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