Help to Buy Mortgages in 2021

Can I Still Apply for a Help to Buy Mortgage in 2021?

The quick answer is yes. Help to buy is still an option until the end of March 2023. It’s a great government scheme that allows potential home buyers the chance to purchase a new build property when they have a lower deposit to put down. For first time buyers only, the government will lend you up to 20% of the purchase price of your newly built home (40% in London), you will only need a 5% cash deposit and up to a 75% (55% in London) mortgage to make up the rest. The amount you pay for a home depends on where in England you buy it and regional equity loan price caps are in place for this scheme ranging from £186,100 to £600,000.

Current Requirements for The Help to Buy Scheme

You must:

• be a first time buyer and not own any other property
• have a deposit of at least 5% of the purchase price
• reserve a new build home with a registered Help to Buy homebuilder
• arrange a repayment mortgage of at least 75% (55% in London) of the purchase price
• be able to afford the repayments on the equity loan, your repayment mortgage, and other outgoings

Help to Buy London?

As is often the case, things are a little different in London. Properties in the capital are much more expensive that in the rest of the UK so the scheme takes this into account. Whilst you may have thought that owning a property in London would be completely out of the question, you might change your mind.

The London Help to Buy scheme could make buying your own home more affordable.

Just a 5% deposit is required

  • You only need a 55% mortgage
  • 40% Government equity loan – interest free for the first 5 years
  • Available on new build homes up to £600,000
  • For new homes in the 32 London Boroughs & City of London

Can I get a Help to Buy ISA?

The Help to Buy ISA scheme is no longer available for new savers. However, if you already have a Help to Buy: ISA you can keep saving into your account until 30 November 2029 when accounts will close to additional contributions. You must claim your bonus by 1 December 2030.

There is certainly a lot to consider when it comes to buying a property but there is also a lot of financial help available. It often helps to talk to someone in the industry such as a mortgage adviser who can run through your options and answer any questions.

Share this article:
Other recent news articles
1.9% percent summer price drop as stretched affordability begins to improve

1.9% summer price drop as stretched affordability begins to improve

Asking Prices –  Rightmove Data Rightmove’s latest data shows average new seller asking prices fall by 1.9% (-£7,012) this month...

Asking rents hit new record says Rightmove. Is now the time to buy?

Rental Properties Hit and All Time Price High Latest data from Rightmove says average asking rents for new tenants outside...
The mortgage market is still busy despite rising interest rates

The mortgage market is still busy despite rising interest rates

UK Mortgage Market Update The mortgage market is still busy despite rising interest rates. Enzo Mora CEO and founder of...
Speak to one of our mortgage experts
Enter your number below to schedule a callback with one of our team.*
Now choose your preferred day and time
Excellent service, highly recommended. Great communicators and very helpful for us as first-time buyers.
Always there to help with helpful and honest advice, would recommend to anyone. We are first time buyers and they really helped with simplifying all the jargon and giving us great advice.
Chris M
Great communication and customer service throughout the process.
A very helpful, trustworthy and straight,-talking service that got us the result we wanted.
First time buyer
Very informative personnel, happy to help and easy to communicate with. I would definitely recommend.
Excellent service! Couldn't ask for.more. thank you so much !!
Mr&Mrs Martin
Request a
call back
Preferred day*
Preferred time*

Arrange a callback

Please complete the form below and one of our specialist mortgage advisers will call you back.
Preferred day*
Preferred time*

We use cookies on this website. You are free to manage cookies settings via your browser at any time. To learn more about how (and why) we use cookies, take a look at our Privacy Policy.