Help to Buy equity loan
Help to Buy is a government scheme, designed to make it affordable to buy a home. It is now closed to new applicants.
The loan is for people who are buying a newly built home from a participating registered developer.
The government gives you an equity loan of up to 20% of the full value of the new home. You do not pay interest on this equity loan for the first five years. You begin paying interest from year six onwards.
You need to put down a 5% deposit.
You will need to fund the rest of the purchase price with a mortgage.