Help to Buy: Equity Loan scheme (2021-2023) NOW OPEN!
“First-time homebuyers who are eligible for an equity loan can borrow up to 20% (40% in London) of the purchase price of a new build home. Check with your homebuilder that they are registered for the scheme before you apply.” source helptobuy.gov.uk
The official government website ‘help to buy’ has released new figures on what options they are offering for first time buyers of new build homes across the UK – A 5% deposit is required (on purchase price) along with a minimum of 25% repayment mortgage to be arranged also. For the first five years the equity loan is interest free which offer mostly first time buyers and those struggling to get on to the property ladder a great advantage to obtaining keys to their property – Without this option many would remain in rental accommodation.
Region Price cap for Help to Buy homes April 2021 to March 2023
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 £407,400
South east £437,600
South west £349,000