So what is Help to Buy and is it right for you?
The Government Help to Buy scheme is designed to assist those with a smaller deposit onto the property ladder. While it used to be open to all home movers, as of April this year (2021), it is only available to first time buyers. (It’s also worth noting that Help to Buy is only available across new build homes – not the second and market.)

So can I use Help to Buy?
In order to use Help to Buy on a new build property, the developer needs to be registered for Help to Buy (which we are at Novus Apartments). If the developer is registered and if you are a first time buyer (in England), you can apply for a Help to Buy Equity Loan.

Do I still need a deposit?
Yes – you will need to put down a minimum of a 5% deposit.

How much will the Government loan me?
The Government will loan you between 5% and 20% of the full purchase price of your new build home (or up to 40% if you are buying in London). You will then be required to secure a mortgage from a commercial lender in the usual way for the outstanding amount.

Is there a fee from the Government for this loan?
You do not pay any interest on the loan provided to you by the Government for the first five years. After this, you start to pay interest on the equity loan amount you borrowed.

Can I repay the loan in full?
You can repay all or part of your equity loan at any time. A part payment must be at least 10% of what your home is worth at the time of repayment. You will be required to repay the loan in full either at the end of your mortgage term (typically 25 years), or when you sell your home – whichever comes first.

You can access more information on the Government Help to Buy website.

If you’d be interested in finding out more about Help to Buy at Novus Apartments, please get in touch. You can reach the team on 01753 326 146, by emailing or why not take a look at our Help to Buy video, here.

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