London Help To Buy
Whether you are a first time buy or an exisiting home owner looking to move from your current home, London Help to Buy means you can buy a new home at Greenwich Millennium Village with just a 5% deposit!
What is London Help to Buy?
The London Help to Buy scheme is a popular Government-backed initiative helping purchasers move up the London property ladder. Here's all the information you need:
- Just a 5% deposit is required
- You only need a 55% mortgage
- 40% Government equity loan - interest free for the first 5 years
- Available on new build homes up to £600,000
- For new homes in the 32 London Boroughs & City of London
Try Our Help to Buy Calculator
Why not use our Help to Buy calculator below to find out how you could secure your dream home at Greenwich Millennium Village.
Results with help to buy
Estimated monthly mortgage repayment
40% Help to Buy Equity Loan
*YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Help to Buy scheme is available for first time buyers and existing home owners. 20% loan is interest free for the first 5 years. 5% deposit is applicable with the Government’s Help to Buy scheme. Selected plots only. Buyer will need to have sufficient funds to pay legal and sundry costs. Equity deposit percentage may be subject to lender’s and Government criteria. Prospective buyers should always seek independent financial advice before proceeding. Greenwich Millennium Village works with a number of independent financial advisers who are able to provide appropriate advice. Greenwich Millennium Village terms and conditions apply. Subject to status. Typical interest rate taken from a mortgage comparison search on 02/01/2020 and based on putting down a 5% deposit on a property valued at £399,995 with a 2 year fixed mortgage. For accuracy, prospective buyers should always seek independent financial advice before proceeding.
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What is London Help to Buy?
To reflect the difference in the London property market the Government has increased the equity loan available to London home buyers.
The London Help to Buy scheme launched on 1st February 2016 and is aimed to help first time buyers or second steppers to buy a new-build home in the capital. The scheme doubles the upper limit of the government equity loan, from up to 20% of the property’s value to 40%.
As with the existing scheme, London Help to Buy has a £600,000 maximum price limit and is only available on new-build homes within the capital’s 33 boroughs. To qualify, you will need a deposit of 5% and a mortgage for up to 55% of the value of the home. The Government will then provide an equity loan of up to 40% of the property’s value, which is interest free for the first 5 years.
For example, for a property in London with a value of £476,000 you will need:
• 5% deposit of £23,800
• 55% mortgage of £261,800
• 40%* Government equity loan of £190,400
London Help to Buy has a few special requirements:
• It is available on homes for sale within one of the 33 London Boroughs.
• It is available to UK citizens and those with a right to remain indefinitely in the country.
• It covers full home ownership only, and is therefore not available for shared equity or shared ownership.
• It is available for the purchase of a person’s primary home only, so not for second homes, investment or buy-to-let purchases.
• It only applies to capital repayment mortgages rather than interest-only mortgages.
• Buyers must not receive help with their deposit from a local authority or other public body.
• A HomeBuy agent check will be required.
*40% loan is interest free for the first 5 years. 5% deposit is applicable with the Government’s Help to Buy scheme. Calculation above is indicative only. Available on selected plots only. Buyers will need to have sufficient funds to pay legal and sundry costs. Equity deposit percentage may be subject to lender’s and Government criteria. Prospective buyers should always seek independent financial advice before proceeding. Countryside works with a number of independent financial advisers who are able to provide appropriate advice. Countryside terms and conditions apply. Subject to status.