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 London Help to Buy

To reflect the current property prices in London, from 1 February 2016 the government increased the Help to Buy Equity Loan scheme's upper loan limit from 20% to 40% for buyers in all London boroughs.


How does it work?

The London Help to Buy scheme could help you realise the dream of owning your own home in the capital. When you put down as little as a 5% deposit on a newly built home, you can get a government equity loan - for up to 40% of the purchase price.

Example: for a home with a £400,000 price tag



If the home in the example above sold for £420,000, you would get £252,000 (60%, from your mortgage and the cash deposit) and you would pay back £168,000 on the loan (40%). You would need to pay off your mortgage with your share of the money.

You won't be charged loan fees on the 40% loan for the first five years of owning your home.


Who is eligible?

London Help to Buy equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000.

You won't be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with London Help to Buy.


How to apply

The London Help to Buy scheme is run by the government-appointed Help to Buy London agent. They can guide you through your purchase, from providing general information about the scheme to dealing with your application.

  

The London Help to Buy scheme is a variation of the main Help to Buy Equity Loan scheme. If you have further questions you should look at our Help to Buy Equity Loan scheme FAQ or contact the Help to Buy agent for London.


Other Help to Buy Scheme Options:



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