Help to Buy mortgages

The Help to Buy equity loan is a government scheme that provides an equity loan of up to 20% (40% in London) of the property value, allowing you to buy with just a 5% deposit. The loan is interest-free for the first 5 years.

Help to Buy is available to first-time buyers who are UK residents, over 18, and can afford the mortgage payments. There are income limits and property value limits that vary by region.

You need a minimum 5% deposit for Help to Buy, with the government providing up to 20% (40% in London) as an equity loan, and you take out a mortgage for the remaining 75% (55% in London).

No, Help to Buy is only available for new build properties from registered developers. The property must be your main residence and meet certain quality standards.

Income limits vary by region, but generally, your household income must be below £80,000 (£90,000 in London). These limits are designed to help those who need assistance entering the property market.

Property value limits vary by region, ranging from £186,100 in the North East to £600,000 in London. These limits are designed to ensure the scheme helps with affordable housing.

The government provides an equity loan that you don't pay interest on for the first 5 years. After 5 years, you pay interest at 1.75% per year, increasing annually by inflation. You can repay the loan at any time.

Yes, you can repay the equity loan at any time, either in full or in part (minimum 10% of the property's current value). Early repayment can help reduce your overall costs.

When you sell, you must repay the equity loan based on the property's current value. If the property has increased in value, you'll pay back more than the original loan amount.

Yes, self-employed buyers can use Help to Buy, though you'll need to provide detailed accounts and tax returns. The mortgage lender will assess your income based on your business performance.