London Help To Buy Mortgages

What Is Help To Buy London?

• 

• To help you realise the dream of owning your own home in the capital, the London Help to Buy scheme is a good option. 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.

  From 1 February 2016 the Government is increasing the Help to Buy Equity Loan scheme’s upper loan limit from 20% to 40% for buyers in all London boroughs. This is to reflect the current property prices in London.

  In the example (left), if you sold your home 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.