How does London Help to Buy 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 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).
• Meaning 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?
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.
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.
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