Governments Help to Buy Schemes

At Lestons our specialist team will help you understand the various affordable housing schemes for you. You may be able to get financial help from the government to buy a home. You could get a loan to help with the cost of a new-build home if you’re a first-time buyer (in England and Wales).

 

You must be over 18, a first-time buyer and able to afford the fees and interest payments. You cannot get the equity loan if you have ever owned a home or residential land in the UK or abroad or had any form of sharia mortgage finance. The property you buy with your equity loan must be a new-build, not previously lived in, sold by a Help to Buy registered homebuilder and be the only home you own and live in.

 

You can apply on your own or with other people (all applicants must meet the eligibility criteria). If you’re married, in a civil partnership, or cohabiting with your partner (and you plan on continuing to live together), you must make a joint application.

There’s also a ‘maximum property purchase price’ limit for the home you buy depending on which region it’s in. You can buy a home up to and including the maximum property purchase price limit, you will be liable for the other buying costs such as legal fees.

Region	Maximum property price (£) as of Jan 2022
North East	186,200
North West	224,400
Yorkshire and the Humber	228,100
East Midlands	261,900
West Midlands	255,600
East of England	407,400
London	600,000
South East	437,600
South West	349,000

 

How it works

Essentially the government provides an interest-free loan to help you buy the property, you will need to pay a minimum deposit of 5% of the property purchase price and arrange a repayment mortgage of at least 25% of the property purchase price. The equity loan is between 5% and 20% (but can be up to 40% in London). The loan is free for 5 years, then is charged interest (1.75% as of Jan 2022). To apply you would normally speak to the sales agent at a new housing estate, they will be able to arrange all the documentation on your behalf.

 

How we can help

To gain our help you will need to open a case, this is done simply by clicking on the link at the top of the page, activated by the link at the top of the page, should you wish to start a case the caseworker will send you the suitable payment link.  Please note your caseworker can only give generic advice, their role is to prepare your details for handling by our legal team and to act as your point of contact, they will also issue you with your Password and PIN, these will be needed to log onto your client dashboard. From your dashboard you will be able to manage and view every aspect of your case, upload documents, images, files etc.