Don't miss out on Help to Buy!

29 October 2020



The current Help to Buy scheme is not exclusive to first time buyers and you can currently use the scheme to purchase a home up to £600,000. With the introduction of new changes in April 2021, both these key features will change.

Here’s what you need to know, first of all, let’s look at how Help to Buy can currently help.

Help to Buy allows you to own 100% of your home and only pay 80% up front. You will need to provide a 5% deposit and the government will then lend you up to 20% as an equity loan. You would then need to apply for a mortgage based upon the remaining 75%

The table below gives an example of using Help to Buy to buy a £190,000 home.

Cash Deposit  5%  £9,500
Equity Loan  20%  £38,000
Mortgage  75%  £142,500





The myth that surrounds the Help to Buy scheme is that it is only for first time buyers however, the  scheme is for any buyer who is looking to purchase a new build home. Whether you’re looking to get on to the property ladder or buy your second or third home, Help to Buy could help.

You must be able to -

  • Have access to a minimum 5% deposit
  • Fund up to 75% of your chosen home through a conventional mortgage
  • Have no other residence or properties in your name before your homes completion date
  • Not rent out your existing home and buy a second home through Help to Buy

From April 2021

The new scheme will be exclusively for first time buyers, defined as those who have not previously owned or purchased a property before. The changes will come into place on 1st April 2021.

In an attempt to help first time buyers onto the property ladder, the new scheme will also feature regional price caps based on average starter home prices in the area. Each average price is multiplied by 1.5 to calculate the cap. Properties over each regional amount will not be eligible for the scheme.

Regional price caps for the Help to Buy scheme from April 2021:

  • North East - £186,100
  • 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


Key things to know

  •  You can currently purchase a home up to the value of £600,000 
  • The sale of properties bought under the existing Help to Buy scheme must complete by 31st March 2021. If the sale does not complete in time, either the seller or buyer can terminate the contract, and the deposit paid will be returned to the buyer.
  • You will need to reserve your home by 15th December 2020 to purchase your home under the exisiting Help to Buy scheme
  • Only properties that will be built by 31st December 2020 are eligible to be sold under the existing Help to Buy scheme. If the developer is not due to have the build complete by this date, they will not be able to sell the property under the scheme.

Our Help to Buy calculator can give you a guide on how much you can afford using Help to Buy

Help to Buy Calculator

Want to talk to our team about Help to Buy? Get in touch!

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