How does London Help to Buy work?
• You'll need a minimum of 5% deposit to qualify.• The Government will lend you up to 40% of the value of your property in London through an equity loan, which can be repaid at any time within 25 years (or on the sale of your home, whichever is sooner).
• You will only need to secure up to a 55% mortgage from a bank or building society.
• The equity loan is interest-free for the first five years.
• Maximum home purchase of £600,000 in London.
Who can use London Help to Buy?
London Help to Buy: Equity Loan is a scheme that's available to first time buyers as well as existing home owners, providing that the following conditions are met:• The home you’re buying must be your only property.
• The home must be a newly built property in London.
• You won’t be eligible if you’ll own another property after completion.
• You won’t be able to sublet the home you’re buying.
• You will not be able to part exchange your old home.
Limited equity in your existing home?
Existing homeowners can even use Help to Buy to upgrade to a bigger property, because the 5% deposit means it’s not a problem if you have limited equity in your current home.
What is changing in April 2021?
On the 1st of April 2021, the Help to Buy: Equity Loan eligibility changes and will only be open to first time buyers. This means if you already own a home and want to use the Help to Buy: Equity Loan then you will need to do so before this date. The other important change that will happen in April 2021 is the introduction of regional price caps.
For more information on the changes, visit helptobuy.gov.uk.
London Help to Buy terms and conditions
Terms and Conditions
London Help to Buy is a Government backed initiative in partnership with housebuilders. London 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. London Help to Buy is only available in London. Subject to availability, on selected plots only.
HELP TO SELL
Sell, save and move with confidence using Help to Sell
A beautiful new home and a great way to move from a company you can trust. Help to Sell is easy and convenient.
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Part Exchange
Take the stress out of moving with Part Exchange
Find out more about how part exchanging your current home can help you speed along the sale process.
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