A Summary On Help To Buy

You may have heard about ‘Help to Buy’ but may wonder what is it and how does it work?

Help to Buy is a government scheme to help first-time buyers get their first property with just a 5% deposit.

You can borrow up to 20% of the purchase price (40% in London), interest-free for five years.

You can apply to the scheme until 31 March 2023.

The first five years of the Help to Buy equity loan is interest-free.

After the interest-free years, you’ll be charged 1.75% on the outstanding amount as interest. This fee will increase each year by RPI plus 1%.

You only repay the interest, not the equity. You can pay back part or all your equity loan at any time. You’ll need to get a market valuation report from a chartered surveyor when you make a repayment.

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