How does Help to Buy work?
With the Government backed Help to Buy scheme, first time buyers can get assistance buying their first home with an equity loan of up to 40% of the property purchase price.
The Help to Buy equity loan limit was raised from 20% to 40% of the properties purchase value for homes in all London boroughs to reflect the higher property values seen across London.
You will need to contribute as little as a 5% deposit on a newly built home and your mortgage will make up the rest after the 40% equity loan.
Currently London Help to Buy equity loans are available to first time buyers looking to purchase a new build home with a purchase price up to £600,000.
You must not own any other property at the time you buy your new home with Help to Buy and it must remain your primary residence.