Help to Buy scheme: move into your first home with just a 5% deposit

Make the most of this Government-backed scheme for Help to Buy homes and move into your Redrow new build home with as little as a 5% deposit. Help to Buy: Equity Loan is a great incentive that allows you to buy a brand-new home much sooner than you may have been able to otherwise. Find out more information on the scheme below or search now your new home with Help To Buy in the search box at the end of the page.

How does the Help to Buy: Equity Loan work?

• Help to Buy homes: only new build homes qualify.
• You'll need a minimum of 5% deposit to qualify.
• It’s available to first-time buyers purchasing a single property who do not currently own a property in or outside of the UK only.
• The Government will lend you up to 20% of the value of your new home through an equity loan, which can be repaid at any time within 25 years (or on the sale of your home, whichever is sooner).
• Meaning you'll only need to secure up to 75% mortgage from a bank or building society.
• The equity loan is interest-free for the first five years.
• In London, the higher property costs are reflected by a 40% equity loan being offered, meaning you only need to secure a 55% mortgage.
• The price of the home you can buy using Help to Buy depends on where it is in England.

Who can use the Help to Buy: Equity Loan?

The Help to Buy: Equity Loan is a scheme that's available to first time buyers in England.

To be eligible, you or anyone you’re buying a home with must not own a home or residential land now or in the past in the UK or abroad and not have had any form of sharia mortgage finance. All applications made by anyone that is married or in a civil partnership will have to be a joint application with their spouse or civil partner. You will need to sign a legal declaration to confirm that you are first-time buyers. Your conveyancer will explain this to you.

How long will the Help to Buy scheme run for?

The Help to Buy: Equity Loan scheme began accepting applications on 16th December 2020. This scheme will run until March 2023. We are now able to start taking reservations using Help to Buy for homes completing after March 2021.

What are the regional property price caps?

The price of the home you can buy using Help to Buy depends on where the home is. There are regional property price caps (shown below). These aim to make sure the scheme is accessible to those who will gain the maximum benefit.

• 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

Source: HM Treasury

Everything you need to know about the Help to Buy scheme

Can you put more than a 5% deposit down for Help to Buy?

Yes, you can, although it’s always best to discuss this sort of thing with your financial advisor, to make sure that you settle upon the best mortgage plan for you.

Can I pay off the Help to Buy Equity Loan before the end of the first 5 years?

After purchase, you can elect to make voluntary part or full repayments at any time (based on market value). The lowest voluntary repayment is 10% of the current market value.

Help to Buy properties: Is Help to Buy linked with Shared Ownership?

No. The entirety of your home is purchased and legally owned by you when you take out a Help to Buy Equity Loan.

Will I be charged interest on the Help to Buy: Equity Loan?

Not for the first 5 years, no. After that you’ll be charged an interest fee of 1.75%. This interest fee rises each April by the Consumer Prices Index (CPI) plus 2%.

Do I have to pay any fee to use the Help to Buy: Equity Loan?

You’ll have to pay a monthly management fee of £1 for the life of the equity loan.

Find now your new Redrow home with Help to Buy

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Help to Buy terms and conditions

Terms and conditions

Help to Buy is a Government backed initiative in partnership with housebuilders. Help to Buy cannot be used in conjunction with any other scheme. It is highly advised, for a swift, smooth transaction that an IFA/Solicitor advised by Redrow Homes is used. Offer cannot be used in conjunction with any other Redrow offer. Help to Buy is only available within England. Subject to availability, on selected plots only.

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