Help to Buy – Equity Loans

Your home may be repossessed if you do not keep up repayments on your mortgage.

We’ve been helping people own homes of their own for more than 167 years, so we understand how tricky it can be to raise a deposit to buy a property. With the Help to Buy government scheme you could purchase your property with a much smaller amount upfront.

What is the Help to Buy Equity Loan Scheme?

With the Help to Buy Equity Loan scheme, as long as you’re buying a new-build home and meet eligibility criteria, in England and Wales the government may give you a loan of up to 20% of the property’s value to boost your deposit. All you have to do is pay a minimum deposit of 5%. If you're in Scotland, the government will give you up to 15%, and it's up to 40% if you're in London.

What are the differences between each country’s Help to Buy Equity Loan schemes?

England

In England, the Help to Buy Equity Loan (2021-2023) scheme runs until 31 March 2023, and only First Time Buyers are able to apply. There are no equity loan interest repayments to the government for the first five years of owning your own home.

If you're buying a property in England under the Help to Buy scheme, the maximum property value allowed for the property is set regionally (see government website for more details).

For more information on the scheme in England, please visit the government websites below.

Help to Buy for England

Wales

In Wales, both First Time Buyers and existing homeowners can apply, and there are no equity loan interest repayments to the government for the first five years of owning your own home.

With the current Welsh Help to Buy scheme, the maximum property value allowed is £250,000.

For more information on the scheme in Wales, please visit the government websites below.

Help to Buy for Wales

Scotland

The Scottish Help to Buy scheme is open to any First Time Buyers and existing homeowners as long as they are buying a new-build home, and no interest is payable for the lifetime of the equity loan. In all cases, you'll need to repay the loan in full, either after 25 years or when you sell your home, whichever is sooner.

Please note: The Help to Buy Affordable New Build Scheme closed for new applications on the 5 February 2021, however the Help to Buy Smaller Developer Scheme remains open for the 2021-22 tax year.

If you want to buy a new build home using the Help to Buy scheme in Scotland, the property purchase price cannot be more than the threshold price which is currently £200,000 for 2020-21.

For more information on the scheme in Scotland, please visit the government website below.

Help to Buy for Scotland

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If you need any more information about the range of Help to Buy mortgages we offer, we’re more than happy to help.

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Your home may be repossessed if you do not keep up repayments on your mortgage.
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