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Help to Buy Scheme

Those with a small deposit could be eligible to use the Help to Buy scheme. The Equity Loan scheme is available to first-time buyers and existing homeowners who want to buy a ‘new build’ house. The purchase price must be no more than £600,000. Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have at least a 5% deposit. If you live in London, you can borrow up to 40% of the purchase price. The Help to Buy equity loan scheme will be extended until 2023. However, this extension will be restricted to first-time buyers purchasing newly built homes. 

From 2021, there will also be new regional price caps which could reduce the maximum value of homes that can be bought through the Equity Loan Scheme.

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