Help to Buy

How does Help to Buy work?

With the Government backed Help to Buy scheme, first time buyers can get assistance buying their first home with an equity loan of up to 40% of the property purchase price. The Help to Buy equity loan limit was raised from 20% to 40% of the properties purchase value for homes in all London boroughs to reflect the higher property values seen across London.

You will need to contribute as little as a 5% deposit on a newly built home and your mortgage will make up the rest after the 40% equity loan. Currently London Help to Buy equity loans are available to first time buyers looking to purchase a new build home with a purchase price up to £600,000.

Example: for a home purchased for £400,000

If the home you purchased was for £400,000, you would get a £220,000 (60%, from your mortgage with a cash deposit of £20,000) and you would pay back £160,000 on the loan (40%). You would need to pay off your mortgage with your share of the money.

Eligibility for Help to Buy

You must not own any other property at the time you buy your new home with Help to Buy and it must remain your primary residence.

Contact us about Help to Buy

For more information and to see if you are eligible for the Help to Buy scheme, speak to a member of the Peabody team on 020 7021 4842 or alternatively email enquiries@peabodysales.co.uk. You can also find more information on the Help to Buy Government website.