How can the Government HTB Help you?
The Help to Buy (HTB) scheme offers an equity loan where the government can offer to lend first-time buyers & existing homeowners the money to buy a newly-built home.
The purchase price must be no more than £600,000. Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have at least a 5% deposit(you can put down more if you wish). If you live in London, you can borrow up to 40% of the purchase price.
The Government has confirmed it will extend its Help to Buy equity loan scheme from 2021 to 2023. However, this extension will be restricted to first-time buyers purchasing newly built homes.
From 2021, there will also be new regional price caps, which could reduce the maximum value of homes that can be bought through the Equity Loan Scheme.