How it works
Help to Buy means you could afford to buy a brand new home with an equity loan of up to 20%,
meaning you may only need a mortgage of 75%.
The Help to Buy scheme is a Government-backed initiative for first-time buyers, as well as people moving up the property ladder.
The scheme is available on new build homes valued up to £600,000 to all UK residents, of any age. All you will need is a 75% mortgage from a bank or building society. The balance of up to 20% will be covered by a Government equity loan.
This equity loan is interest-free for the fi rst fi ve years after which there is an interest charge of 1.75% on the loan.
For further information please refer to the terms and conditions
In the Budget on 22 November 2017, the Chancellor of the Exchequer announced a relief from stamp duty land tax (SDLT) for first time buyers. The relief will apply to purchases of residential property for £500,000 or less, provided the purchaser intends to occupy the property as their only or main residence. First time buyers purchasing their first home for £300,000 or less will pay no SDLT. Where the purchase price is over £300,000 but does not exceed £500,000 they will pay 5% on the amount above £300,000.
A calculator is available on HMRC's website which calculates the SDLT due for first time buyers who are eligible to claim the relief: