Changes to the Help to Buy Scheme

The Help to Buy Scheme was introduced by the Government in 2013 to help buyers who are struggling to save for their first house deposit to get on to the property ladder. It is now solely available to first time buyers.
The first scheme was open for both first and second time buyers looking to purchase a newly built property.

Buyers can receive a 20% loan (up to 40% in London) from the government to help towards their deposit. The buyer would end up with a mortgage and a loan from the government, as shown in the diagram below.


The first scheme is due to end the 31st March 2021, with the last applications for this scheme to be submitted by the 15th December 2020. The Government announced the scheme would be relaunched, but this time making it exclusive to first time buyers. Buyers can reserve their new home using the scheme from 16 December 2020, but they cannot get the keys to move in until the 1st April 2021.

Regional price caps have also been added, whereas before there was only price caps for London and the rest of England. Buyers are still able to receive a loan of up to 20% (40% in London) of the purchase price of their new build property.

Purchase area Max purchase price Your 5% deposit Max equity loan limit Max equity loan Mortgage from us
North East £186,100 £9,305 20% £37,220 £139,575
North West £224,400 £11,220 20% £44,880 £168,300
Yorkshire & The Humber £228,100 £11,405 20% £45,620 £171,075
East Midlands £261,900 £13,095 20% £52,380 £196,425
West Midlands £255,600 £12,780 20% £51,120 £191,700
East of England £407,400 £20,370 20% £81,480 £305,550
London £600,000 £30,000 40% £240,000 £330,000
South East £437,600 £21,880 20% £87,520 £328,200
South West £349,000 £17,450 20% £69,800 £261,750

We are still offering the Help to Buy: Equity Loan scheme alongside all of our mortgage products. We currently offer three different products that can be used alongside the Help to Buy Scheme.

If you would like to speak to one of our friendly mortgage advisors, please complete the form to request a call back and we will be in touch!


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