The London Help to Buy scheme is a Government-backed initiative aimed at first-time buyers, as well as people moving up the property ladder.
The scheme helps to keep your mortgage payments lower by boosting your deposit. It also delivers other benefits, such as giving you access to a wider range of mortgage products.
How does it work?
You could borrow up to 40% of the purchase price from the Government with London Help to Buy. You only need a 5% deposit and your mortgage would make up the other 55%. The scheme is available on new build homes valued up to £600,000 to all UK residents, of any age, within the 32 London boroughs and the City of London. The government has provided information for you to check whether you’re eligible to use the London Help to Buy scheme.
Example for The Rushgroves - typical 2 bed apartment - £580,000
(Figures are calculated using the London Help to Buy Equity Loan values)
Your Deposit - £29,028 (5%)
London Help to Buy Equity Loan - £232,224 (40%)
Your Mortgage - £319,308
Estimated Monthly Cost: £1,432 (Based on 2.5% over 25 years)
Check our availability page to see if London Help to Buy is available on the homes you are interested in.