London Help To Buy Scheme
London Help to Buy is an extension to the equity scheme set up by the UK government to give a leg up onto the property ladder and is only available to first time buyers.
It’s available on new build properties up to £600,000 within Greater London and you have to have a deposit of at least 5%.
You will need to apply for the scheme which you can do on the London Help to Buy website.
The scheme works by the government lending you up to 40% of the property value. The loan is interest-free for the first five years which means;
- The mortgage you need is significantly lower than you would normally need as you only need to cover the remaining 55% of the property value (Remember you have to put at least 5% deposit down).
- The monthly mortgage repayments are a lot lower for the first five years (this is also usually lower than rental fees) but remember you will need to contribute to ground rent and service fees in a new build.
The following banks and building societies support the London Help to Buy scheme;
- Leeds Building Society
If you would like to explore the options available in London, pop into your local James Pendleton high street branch or call our New Homes team: 020 8099 1111