London Help to Buy
If you are looking to buy a new build home in London, you can now get even more help from the government with the London Help to Buy Scheme.
This scheme works in a similar way to the standard Help to Buy: Equity Loan, but means that buyers in London can benefit from a loan of 40% from the government - 20% more than is offered on the usual scheme!
It’s available to use for the purchase of new build homes up to the value of £600,000, and can be used in any district of London, as well as the City of London – so whatever borough you want to buy a new home in, you’ll be able to move into your dream home faster than you ever thought possible with London Help to Buy.
What is the London Help to Buy scheme?
As with the standard Help to Buy scheme, this new London based home buyers’ scheme can help you buy your new home through an equity loan.
With the equity loan, the government will offer you a loan of up to 40% of the value of your brand new Lovell home. All you need to pay is a 5% deposit, with a mortgage of 55% to cover the rest of the costs. And what’s more, your loan will be interest free for five years after the purchase of your brand new home.
Who is eligible for London Help to Buy?
London Help to Buy is open to all buyers – so whether you’re a first time buyer or looking to make a move from your current property, you can take advantage of this new home offer.
- To apply for the scheme, you must be eligible for a mortgage, and the mortgage must amount to at least 25% of the value of the property you’re purchasing
- The scheme is open to UK residents who are currently living in the UK
- The loan needs to be repaid after 25 years, or when you sell your home. For more information and for full terms and conditions
download the London Help to Buy Leaflet.