Take advantage of government-backed loansHelp to Buy

Learn more about this popular government-backed scheme and take your first step onto the property ladder, it’s easier than you think.

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What is Help to Buy?

Help to Buy is a government-backed scheme which aims to make buying your own home more
affordable.

If you’re a first-time buyer in England aged over 18 you can apply for a Help to Buy Equity Loan from the government to put towards the cost of buying a newly-built home.

What is Help to Buy?

Help to Buy is a government-backed scheme which aims to make buying your own home more
affordable.

If you’re a first-time buyer in England aged over 18 you can apply for a Help to Buy Equity Loan from the government to put towards the cost of buying a newly-built home.

How does it work?

You need at least 5% of the full purchase price of your new-build home as a deposit.

The government lends you up to 20% (or 40% if you live in London) of the full purchase price. This equity loan is interest-free for five years.

You borrow the rest (up to 75%, or 55% if you live in London) on a repayment basis from a mortgage lender.

Your combined deposit, equity loan and repayment mortgage cover the full purchase price of your new home.

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Is it right for you?

Help to Buy has changed recently, here's what you need to know:

  • You must be a first-time buyer

  • The new build home you buy must be within the relevant regional price cap (see below)

  • You have a 5% deposit

  • You are able to take out a mortgage for 75% of the value of the home

  • You can afford the monthly mortgage payments

  • The home you buy under the scheme is your only residence

  • You are not a buy-to-let investor and will not own an other property after completion

Regional price caps

The new Help to Buy: Equity Loan scheme was launched on 1 April 2021 and includes regional property price limits to ensure the scheme reaches people who need it most. The new scheme will run until March 2023.

The regional price limits are:

  • North East - £186,100

  • North West - £224,400

  • Yorkshire and the Humber - £228,100

  • East Midlands - £261,900

  • West Midlands - £255,600

  • East of England - £407,400

  • London - £600,000

  • South East - £437,600

  • South West - £349,000

Paying back the Equity Loan

For the first five years the equity loan is interest free and you pay a £1 monthly management fee.

From year 6 you'll pay the £1 monthly management fee and a monthly interest fee of 1.75% of the equity loan.

The interest rate will rise each year in April by the Consumer Price Index (CPI), plus 2%. You'll continue to pay interest until you repay your loan in full.

For full details on how Help to Buy works visit the government website or call us on 0800 030 8888.

Help To Buy - How Does It Work

Tell me more

Help to Buy is available on selected developments and properties.

Call us on 0800 030 8888 and we can let you know whether you qualify for the scheme and start you on your Persona Homes journey to getting the house you have always wanted.

Keen to find out more?

Whether you’d like to book a viewing or simply have a quick introductory chat, our helpful advisory team would love to hear from you.