Help to Buy Scheme for First Time Buyers
Help to Buy Scheme for First Time Buyers
The governments help to buy scheme was launched in 2013 to stimulate the housing market by helping first time buyers and homemovers purchase a new build property with a smaller deposit of 5%, and the government will provide an equity loan of up to 20% of the property’s value or 40% if the property is located in London.
What is an equity loan?
The government through the help to buy scheme will provide you with a loan which you have to use as part of your deposit to buy a property.
Let’s assume the property is based outside of London, so therefore you can get an equity loan of up to 20% of the property value, so if the property is valued at £300,000, you could get an equity loan of £60,000.
If the property was based in London and valued at £450,000, you could get an equity loan of up to £180,000.
Please note that the Help to buy scheme is only available on properties valued up to £600,000.
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