What is Help to Buy?

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.

Help to Buy calculator
Your budget
Without Help to Buy London
With Help to Buy London
Mortgage illustration
Your deposit

Help to Buy London loan

Your mortgage
Mortgage repayment

The Affordability Calculator provides an indicative guide to monthly costs only. Household income assumes a joint income. A single income will need to be higher to be able to afford the same max purchase price. The information provided should not be relied on as confirmation of affordability or as a recommendation to proceed. L&Q is not authorised or regulated by the Financial Services Authority to provide financial advice. You should always seek advice and recommendations from an Independent Financial Adviser regarding mortgage products, affordability, interest rate, terms, conditions and method of repayment.

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)

Other schemes that are available
In addition to the London Help to Buy equity loan scheme, L&Q also offer  Shared Ownership. Find out more about Shared Ownership.

Next Steps
Check our availability page to see if London Help to Buy is available on the homes you are interested in.

Click here for Terms & Conditions