Help to Buy: Equity Loan is a government scheme to support first-time buyer's to get onto the property ladder. Borrowing amounts range from 5% of the market value of a new build up to 20% (40% if you're in London), which is interest-free for five years.
- First-time buyers
- Purchasers of a home in England
- Those over the age of 18
- You cannot currently own a home
- If you’re married or in a co-habiting relationship, you must make a joint application with your spouse or civil partner and both live in the home as your only residence.
- You cannot buy a second home before repaying your equity loan in full
- There are price limits on homes you can buy with an equity loan. The limit is different for each region in England.
You can find out more about the eligibility criteria by visiting the Help to Buy website.
|Region||Full property price limit|
|Yorkshire and The Humber||£228,100|
The last date you can reserve your home and apply for the Help to Buy: Equity Loan is 31 October 2022. This should allow enough time for you to legally buy your home before the scheme ends on 31 March 2023.