Help to Buy London

 

An exclusive scheme for first-time buyers in London

The government's Help to Buy scheme can lend first-time buyers up to 40% with an equity loan – meaning you can purchase a new home in London with a 55% mortgage and access competitive lending rates to help make your move more affordable.

HOW IT WORKS

More

Here's how it works

Example:

£30,000 £240,000 £330,000

Example house value

£600,000

  Buyer's 5% deposit

  Government's 40% loan

  55% mortgage from approved lender

You pay as little as 60% of the full purchase price up front (5% deposit plus 55% mortgage)

The remaining 40% is an equity loan form the Government (You must pay back the loan at the end of your main mortgage term or when you sell your home)

Help to Buy equity loan is only available on new-build homes

Available to first-time buyers purchasing their own home*

Maximum property purchase price of £600,000 dependent on location

Source: Budget 2013 HM Treasury - www.hm-treasury.gov.uk/budget2013

The government scheme for first time buyers works to help you buy your new home in London for less than you thought.

By using the scheme, you’ll need as little as 60% of the full purchase price up front. With a 5% deposit and a 55% mortgage, the remaining 40% is provided as an equity loan from the Government.

If you’re an existing homeowner wanting to move, take a look at our other ways we can help you move.

 
 

Regional Price Caps

The value of the home you can purchase with Help to Buy is determined by the region it’s located.For London, the cap is £600,000.

For more information, take a look at this map showing each region and its respective price cap figure.

1

North East

£186,100

2

Yorkshire and the Humber

£228,100

3

East Midlands

£261,900

4

East Of England

£407,400

5

London

£600,000

6

South East

£437,600

7

North West

£224,400

8

West Midlands

£255,600

9

South West

£349,000

How much could you afford using Help to Buy

Enter your details

Your region

Your deposit

You could afford a new Bovis home up to the value of

£

With your deposit of

£

You could get a government loan of

£

And your mortgage will be

£

Now, let's find your new home

Bovis Homes you could afford with Help to Buy

Number of bedrooms

1
2
3
4
5+

Price min

Price max

Home type

Number of bedrooms

1
2
3
4
5+

Price min

Price max

Frequently asked Questions

Can I buy any home with Help to Buy London?

Help to Buy is available to first-time buyers ONLY on new build homes up to the value of £600,000 in London. Please see the regional map above for more information.

How does Help to Buy give me access to more competitive mortgage deals?

With a 5% deposit and the government’s equity loan of up to 40% of the value of the new home, you only need to secure up to a 55% mortgage. This means you may benefit from more competitive lending rates and a wider mortgage choice.

Is the Help to Buy scheme open to everyone wanting to buy a new home?

Help to Buy London is now only available to first-time buyers due to changes in government legislation in April 2021.

Are there any fees to pay?

You will not be charged any fees on the 40% loan for the first five years of owning your home. However a management fee of £1 a month will be applicable from the date of purchase. From year six, a fee of 1.75% is payable on the equity loan, which rises annually by RPI (Retail Price Index) inflation plus 1%.

Can I use Help to Buy if I'm an existing home owner looking to trade up?

No, changes to Help to Buy from April 2021 means that only first time buyers are eligible for the scheme.

More ways we can help you move

Help to Buy

The government’s Help to Buy scheme lends first-time buyers up to 20% with an equity loan – meaning you can access competitive lending rates for the maximum of 75% mortgage deal.

Home Exchange

Moving house is stressful enough already, so we aim to alleviate some of that stress. With Home Exchange you can have peace of mind knowing that we are your guaranteed buyer.

Smooth Move

Smooth Move is our scheme for all existing property owners to save time and money. We deal with the estate agents to sell your home and even pay the estate agents’ fees!

Introduce a Friend

Know someone who’d love a new Bovis Home? Introduce a friend and we’ll give you £500* when they buy from us.

Help to Buy

The government’s Help to Buy scheme lends first-time buyers up to 20% with an equity loan – meaning you can access competitive lending rates for the maximum of 75% mortgage deal.

Home Exchange

Moving house is stressful enough already, so we aim to alleviate some of that stress. With Home Exchange you can have peace of mind knowing that we are your guaranteed buyer.

Smooth Move

Smooth Move is our scheme for all existing property owners to save time and money. We deal with the estate agents to sell your home and even pay the estate agents’ fees!

Introduce a Friend

Know someone who’d love a new Bovis Home? Introduce a friend and we’ll give you £500* when they buy from us.

Still haven't found what you're looking for?

Credit is secured against your home. *Subject to status, Help to Buy Terms & Conditions and available on selected properties within London only. Eligible applicants will be offered an equity loan up to a maximum of 40% of the purchase price (based on the open market value). Applicants are required to fund at least 60% of the purchase price by means of a conventional mortgage, savings/deposit where required. The equity loan is provided by Homes England and held as a second charge. This offer is not available in conjunction with any other promotion. Full details will be provided on request.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

All images are used for illustrative purposes only and are representative only. They may not be the same as the actual home you purchase and the specification may differ. Images may be of a slightly different model of home and may include optional upgrades and extras which involve additional cost. Individual features such as windows, brick, carpets, paint and other material colours may vary and also the specification of fittings may vary. Any furnishings and furniture are not included in any sale. Please check with our sales consultants for details of the exact specifications available at the development(s) for each type of home and the associated prices.