We use cookies to allow us and selected partners to improve your experience and our advertising. By continuing to browse you consent to our use of cookies as per our policy which also explains how to change your preferences.

Help to Buy Mortgages

Help to Buy

The Help to Buy scheme provides support for first-time buyers trying to get on the property ladder and existing homeowners looking to buy a new property.

Help to Buy mortgages – am I eligible?

Help to Buy is open to first-time buyers and existing homeowners. In order to be eligible, you must:

  • Have saved up a deposit of at least 5%
  • Be looking to buy a home worth £600,000 or less
  • Be buying a property you intend to live in most of the time
  • Agree to not let out the property or use it as a second home
  • Agree to take out a repayment mortgage

Help to Buy equity loans

The Help to Buy equity loan scheme offers a loan of up to 20% of the value of a new-build property worth up to £600,000. This allows borrowers with a 5% deposit to take out a mortgage for 75% of the property’s value.

Help to Buy equity loans are interest-free for the first five years. After this, you’ll need to pay a monthly admin fee, which starts at 1.75% of the loan and then rises every year at the rate of the Retail Prices Index plus 1%.

The loan will need to be repaid in full either after 25 years, when your mortgage term ends or when you sell the home – whichever happens first. You will repay the market value of the loan at the time, rather than the amount of cash you originally borrowed.

London Help to Buy

London Help to Buy offers extra help for first-time buyers and home-movers in the capital. Using London Help to Buy, you can apply for an equity loan of up to 40% of the value of a new-build property, rather than the 20% offered elsewhere in the country.
The loan is available for new homes in Greater London priced up to £600,000. As with the standard Help to Buy scheme, you will need to have a deposit of at least 5% of the property’s value and you won’t be able to let it out or use it as a second home.

Help to Buy Isa

Watch our 2 minute video guide to the Help to Buy ISA:

Help to Buy Isas are designed to help would-be first-time buyers saving up for a mortgage deposit. If you save using a Help to Buy Isa, the government will give you a 25% bonus when you buy your first home.

You can make an initial deposit of up to £1,000 when you open a Help to Buy Isa, and then save up to £200 each month. To get the maximum government bonus of £3,000, you’ll need to save £12,000, which will take around four-and-a-half years if you pay in the maximum amount each month.

Anyone aged 16 or over who has never bought a property can open a Help to Buy Isa, and if you’re saving to buy a home with someone else, you can each open an account and earn a combined bonus of up to £6,000.

Lifetime Isa

Available to those aged 18-39 from April 2017 the government introduced the Lifetime Isa to help younger people save for their first home or their retirement

Watch our short video guide to find out more:


Check affordability

How much can I borrow? Stamp duty calculator Mortgage repayment calculator
Back to top