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How it works

The process of buying your home

Help to Buy

With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.

You won’t be charged loan fees on the 20% loan for the first five years of owning your home.

If the home in the example above sold for £210,000, you’d get £168,000 (80%, from your mortgage and the cash deposit) and you’d pay back £42,000 on the loan (20%). You’d need to pay off your mortgage with your share of the money.

For more information (including advice on fees and paying back your loan) please download the Help to Buy buyers’ guide (PDF).

 

Who is eligible?

To qualify for the government bonus, the property you are buying must:
  • be in the UK.
  • have a purchase price of up to £250,000 (or up to £450,000 in London)
  • be the only home you will own.
  • be where you intend on living.
  • be purchased with a mortgage.
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