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Help to Buy

Move with just a 5% deposit using Help to Buy

Help to Buy now available across England, Scotland & Wales


Help to Buy scheme
Help to Buy scheme example

Help to Buy is a Government-backed equity loan scheme that aims to make mortgages more readily available to those who cannot afford a large deposit.

Available to first-time buyers and people already on the property ladder, the Help to Buy scheme requires just a 5% deposit and a mortgage of up to 75% of the value of the property.

So you pay just 80% of the property price now, and the remaining 20% is provided by a Government equity loan. In England & Wales this is interest free for the first 5 years, and in Scotland is interest free for the term of the loan which could make your monthly mortgage repayments lower.

Help to Buy is open to everyone - whether you’re a first-time buyer or looking to move up the property ladder - and is available on all our homes:

  • in England up to £600,000
  • in Scotland up to £400,000
  • in Wales up to £300,000

Help to Buy calculator

Use our calculator to find out how Help to Buy can increase your budget, and help you move house with just a 5% deposit.
You provide 5% deposit, and the Government loan* you 20% of the value of the house, meaning that you only have to obtain a 75% mortgage.

*Government equity loan is interest free for 5 years in England and Wales, and interest free for the term of the loan in Scotland.

Are you looking for a property in:
  • Adjust the slider or enter the amount of deposit you have available to purchase a home. The higher the deposit amount, the higher your Help to Buy budget will be. This calculator assumes that the minimum allowable deposit for ‘Help to Buy’ is 5%.

    Your deposit

    How much deposit do you have?

    x Please alter your amount to between the minimum and maximum figures.
    Max £30k Min £3k
    £
  • The Government could lend you up to 20% of the value of your property through an equity loan, which will be interest free for the first 5 years and can be repaid at any time or on the sale of your home. The Government could lend you up to 20% of the value of your property through an equity loan, which will be interest free for the term of the loan and can be repaid at any time or on the sale of your home.

    Help to Buy equity loan

    The Government could lend you up to 20% of the home value.

    x Please alter your amount to between the minimum and maximum figures.
    Max £120k Min £12k
    £
  • You will only need to secure up to a 75% mortgage – qualifying for some of the best rates available.

    Mortgage

    Mortgage required

    x Please alter your amount to between the minimum and maximum figures.
    Max £450k Min £45k
    £

Your results

  • Your deposit
  • Help to Buy loan
  • Your mortgage

Your results

  • £3,000Your deposit (5%)
  • £12,000Help to Buy loan (20%)
  • £45,000Your mortgage (75%)
Your budget with Help to Buy £60,000

 

Already a homeowner?

We can use all our expertise and contacts to help you sell your current home with our Home Change scheme**.

Help to Buy FAQs

Where is Help to Buy available?
Help to Buy is available across all Persimmon developments in England on homes up £600,000, £400,000 in Scotland and homes up to £300,000 in Wales.

Is Help to Buy available on pre-owned homes?
The scheme is only available on new-build homes like ours.

How does the equity loan part work?
The Government will provide you with an equity loan up to 20% value of the property. In England & Wales, this loan is interest free for the first five years. From year six a fee of 1.75% is payable and will rise annually by RPI inflation plus 1%. In Scotland, the loan is interest free for the term of the loan.

When does the equity loan have to be paid back?
You can repay the loan any time within the first 25 years (earlier if the terms of the mortgage is different), or when you sell the property.

What do I need to get started with Help to Buy?
If you can raise a 5% deposit you are well on the way to buying a new home.

Can I use Help to Buy if I already own a home?
The Help to Buy scheme is available to both first-time buyers and existing homeowners. Our Home Change scheme can help sell your property for you – it’s possible that you may get to own a bigger home for less money!

Can I use Help to Buy for a buy-to-let property?
The scheme is only available to purchasers using the property as their main home.

What types of mortgage are available with Help to Buy?
Repayment mortgages are the only option with this scheme.

Where can I get financial advice from?
We can put you in touch with a list of recommended financial advisers who can help you every step of the way.

Help to Buy terms and conditions

Help to Buy (England)
The Help to Buy scheme has specific terms and conditions and is subject to affordability criteria as defined by the Homes and Communities Agency. Help to Buy equity scheme is available on all plots in England, with a full purchase price up to £600,000, subject to status, terms and conditions apply. Help to Buy eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). The registered provider will hold the second charge on the property. Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Applicants must obtain their conventional mortgage from a qualified lending institution (e.g. a bank or building society). For the first five years there is no fee charged on the equity loan component. At the start of year six a fee is collected of 1.75% of the market value of the property at the time the loan is entered into multiplied by the outstanding percentage under the equity loan, the annual fee of 1.75% will be uplifted by RPI +1% p.a.

Help to Buy (Scotland)
The Help to Buy (Scotland) scheme has specific terms and conditions and is subject to affordability criteria as defined by the Scottish Government. Help to Buy (Scotland) equity scheme is available on all plots in Scotland, with a full purchase price up to £400,000 subject to status. Terms and conditions apply. Help to Buy (Scotland) eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). The registered provider will hold the second charge on the property. Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Applicants must obtain their conventional mortgage from a qualified lending institution (e.g. a bank or building society). There is no fee charged on the equity loan component for the whole term of the arrangement.

Help to Buy (Wales)
The Help to Buy (Wales) scheme has specific terms and conditions and is subject to affordability criteria as defined by the Welsh Government. Help to Buy equity scheme is available on all plots in Wales, with a full purchase price up to £300,000, subject to status, terms and conditions apply. Help to Buy (Wales) eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). The registered provider will hold the second charge on the property. Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Applicants must obtain their conventional mortgage from a qualified lending institution (e.g. a bank or building society). For the first five years there is no fee charged on the equity loan component. At the start of year six a fee is collected of 1.75% of the market value of the property at the time the loan is entered into multiplied by the outstanding percentage under the equity loan, the annual fee of 1.75% will be uplifted by RPI +1% p.a.

**Available on selected plots subject to status. Terms and conditions apply.

A professional legal adviser is required to carry out the legal formalities of buying the home and to represent your interests. Persimmon can provide you with a list of recommended solicitors and/or financial advisers as necessary. Persimmon cannot advise you on a mortgage. The Help to Buy scheme is subject to availability and may be withdrawn at any time without notice. Not to be used in conjunction with any other purchase assistance scheme, offer or promotion. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE, YOUR EQUITY LOAN OR OTHER DEBT SECURED ON IT. Full details available on request.

Introduction to the Help to Buy scheme in England

Play

A short video providing an introduction to the Government-backed Help to Buy scheme in England.

Help to Buy customer testimonials

Hannah's story - First Time Buyer
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Emily's story - Moving Up
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Roger's story - Existing Homeowner
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