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help to buy



As a potential homebuyer in London, there are two main government schemes that you might be able to access to help you buy your home.


Help to Buy ISA

London Help to Buy


(You might also have heard of something called the Mortgage Guarantee Scheme, however this will be closing down at the end of 2016 and no longer available).


We’ve prepared an overview of each scheme to help you understand if you might be able to benefit from one of them. As the rules change now and then, please be sure to check the official government website [link to https://www.helptobuy.gov.uk] for the latest terms and conditions.




Help to Buy ISA



What is it?

A specialised ISA account for people who are saving to buy their first home. When you purchase your property, the Government will provide you with a bonus worth 25% of the amount you saved in your Help to Buy ISA (up to a maximum bonus of £3,000).
This means that for every £100 you save in your ISA account, the Government will contribute another £25.

Am I eligible?

This scheme may be right for you if:
  • You are a first time buyer
  • The property value is no more than £450,000
  • You have never owned a home before, anywhere in the world
  • You intend to live in the property as your only home
  • You do not intend to sublet or rent out the property
  • You will be using a mortgage to purchase

How do I apply?

You will need to apply for the Help to Buy ISA from any of the banks or building societies that offer the product. A list of providers can be found here. Help to buy ISA providers 

Is there anything else I need to know?

  • You can open your Help to Buy ISA with anything up to £1,200 but after that you can only deposit up to £200 per month.
  • The Government bonus isn’t paid into your account - your solicitor or conveyancer will need to apply for the bonus once your purchase your home.
  • When you are ready to access the money in your ISA, you need to inform your ISA provider that you wish to close your account so they can provide you with a closing letter. If you simply withdraw the money yourself, you won’t be able to get the Government bonus.
If you have any more questions, take a look at the official government website helptobuy.gov.uk



London Help to Buy


What is it?

The Government will lend you up to 40% of the cost of your newly built home. This means you’ll only need a 5% cash deposit and a 55% mortgage to make up the rest of the purchase price.
You also won’t be charged loan fees on the 40% loan for the first five years of owning your home.

Am I eligible?

This scheme may be right for you if:
  • You’re purchasing a new build property in London
  • The builder is registered for London Help to Buy
  • Your mortgage is through one of the banks that offer London Help to Buy mortgages
  • The property value is no more than £600,000
  • You do not intend to sublet this home or enter a part exchange deal on your old home
  • You do not own any other property at the moment (it’s ok if you have in the past)
  • You do not intend to purchase using an interest-only mortgage

How do I apply?

Contact the Help to Buy agent for London helptobuylondon.co.uk to apply for this scheme.