How does Help to Buy work?
The Help to Buy scheme offers an equity loan where the government lends first-time buyers in England money to buy a newly built home.
This must be used to buy your main residence, and can’t be used to buy a second home or a buy-to-let property.
You need a deposit of at least 5% of the purchase price.
You can borrow 20% (40% in London) of the purchase price. This amount is interest-free for five years.
The maximum purchase price for a Help to Buy property depends on what region of England you live in.
You can’t use Help to Buy to buy a property above these limits.
Help to Buy is available subject to eligibility, terms and conditions. Find out more at Own Your HomeOpens in a new window