How it works:
Help to Buy: equity loan combines a government loan of up to 20% of the property’s value and a 5% deposit from you and a 75% mortgage.
The London Help to Buy Scheme works in exactly the same way as Help to Buy: equity loan but recognises the current difference in London property prices, giving new build home buyers access to an increased government equity loan of 40%.
To be eligible:
- It must be a new build property built by a participating builder;
- It must be your main residence and only dwelling (you will not be intending to rent it out);
- The mortgage must be capital and repayment (not interest only);
- Maximum purchase price of £600k
- The London Help to Buy Scheme is only available in the 32 London Boroughs or the city of London