First-time home buyers Help to Buy
What is Help to Buy?
Help to Buy is a government scheme designed to help people buy homes with deposits as small as 5%.
The scheme currently has three parts, and you can find out more detail in our individual guides:
- Help to Buy mortgage guarantees
- Help to Buy equity loans, including London Help to Buy, Help to Buy (Wales) and Help to Buy (Scotland)
- Help to Buy Isas
In a nutshell, the Help to Buy mortgage guarantee allows buyers to put down a deposit of 5% and borrow up to 95% of the property's price, with the government guaranteeing any mortgage borrowing over 80% of the property's value.
With Help to Buy equity loans, you'll again need a deposit of at least 5%, but this time the government lends you up to 20% of the property's value, and you take out a mortgage for the remaining 75%.
The Help to Buy Isa is a new type of tax-free savings account where, for every £200 contributed, the government will add an extra £50 towards a deposit on your first home (up to a maximum bonus of £3,000).
With so many Help to Buy schemes available, we recommend speaking to an expert who can take all the stress out of finding the right mortgage deal for you. Which? Mortgage Advisers are independent advisers who can help you find the best options for your personal circumstances. You can call for a free initial consultation on 0808 252 7987.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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