Help To Buy: Equity Loan
The Help to Buy: Equity Loan scheme is a government initiative in the UK designed to assist first-time homebuyers. It allows buyers to borrow up to 20% (or 40% in London) of the property's value, which is interest-free for the first five years. This means buyers only need a 5% deposit and a mortgage for the remaining amount, making homeownership more accessible.
To qualify for the Help to Buy: Equity Loan, the property must be a new build and priced under a certain limit, which varies by region. The scheme is available to individuals and couples, but not to those who own other properties.