London Help to Buy is a new scheme backed by the government, available to everyone.
Help to Buy is a new scheme backed by the government which means you could purchase a brand new Hodson Development home with just a 5% deposit.
To reflect the difference in the London property market the government has increased the equity loan available to London home buyers.
London Help to Buy means that you could afford to buy a Hodson Developments home in London with a 40% equity loan, 55% mortgage and only a 5% deposit.
The London Help to Buy scheme is available to everyone, whether you’re a first-time buyer or an existing homeowner who is looking to move up the housing ladder into a new home.
There is no maximum income cap. If you can get a mortgage, you can get Help to Buy.
The scheme is available on new build homes valued up to £600,000 within the 32 London boroughs and the City of London. All you will need is a 5% deposit and a 55% mortgage from a bank or building society. The balance of up to 40% will be covered by a government equity loan. This equity loan is interest-free for the first five years
You only need a 5% deposit
The government will lend you up to 40% of the value of your new property through an equity loan which is interest free for 5 years and can be repaid at any time or on the sale of your home.
So you will only need to secure up to a 55% mortgage from a bank or building society
Maximum home purchase of £600,000
If London Help to Buy would help get you moving, book an appointment with one of our Sales Consultants at one of our developments.
For further information on the Help to Buy scheme please see the Homes and Communities Agency Help to Buy Buyers Guide below: