This is a government funded equity loan currently available to first-time buyers on new build properties.
Aimed at helping those get onto the property ladder, including regional property price limits to ensure the scheme reaches people who need it most.
The new scheme will run until March 2023, with the government lending homebuyers up to 20% of the cost of a newly built home.
You will need to have a minimum of 5% deposit for your purchase.
The government will provide an equity loan up to 20% of the purchase price with the remainder being a mortgage.
Example on a £200,000 purchase priced property;
Buyers Cash Deposit £10,000 - 5%
Help To Buy £40,000 - 20%
Required Mortgage £150,000 - 75%
The scheme is available to all first-time buyers wanting to live in their property, sub-letting is not permitted. For more information on help to buy click here (Help to Buy: Equity Loan).