What is the Help-to-Buy Scheme?

The Help to Buy scheme is a government scheme to help First-time Buyers buy their first home. First-time homebuyers who meet the Help-to-Buy affordability and lending terms can borrow an equity loan of up to 20% (40% in London) of the sale price of a new build home.

The maximum purchase price depends on which region the property is in:

  • North East £186,100

  • North West 224,400

  • Yorkshire and the Humber £228,100

  • East Midlands £261,900

  • West Midlands £255,600

  • East of England £407,40

  • London £600,000

  • South East £437,600

  • South West £349,000

You must fund at least 80% (60% in London) of the sale price with a mortgage and at least a 5% deposit.

Can I use Help-to-Buy with a Generation Home mortgage?

You can use the Help-to-Buy Equity Loan scheme alongside your Generation Home mortgage, however, you must first apply to the Help to Buy scheme.

You can find a step-by-step guide on how to apply for the scheme here, including the eligibility rules. This includes contacting your local Help to Buy agent. You can find details on how to find a Help-to-Buy agent here.

Once accepted, Help-to-Buy will issue you with an Authority to Proceed document. We will need to see this document to continue the application process with us.

Here are some things to consider when applying for the Help-to-Buy scheme.

  • You are unable to use income and deposit boosters if you plan to use the Help to Buy equity loan scheme.

  • You are required to contribute at least a 5% cash deposit.

  • Speak with your mortgage expert on any new build incentives to see if this is acceptable.

For more information on the Help to Buy Equity Loan scheme, click here.

If you have any other questions, do reach out to us via email or live chat.

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