Help to Buy: Equity Loan, which is open to first time buyers and movers, will end in March 2021. A new Help to Buy: Equity Loan for first time buyers only will replace it on 1 April 2021.
As with the current Help to Buy: Equity Loan, you can borrow up to 40% in London of the cost of a new build home. The amount you can spend on your home will depend on where in England you live.
Homebuyers who may not be eligible for the new Help to Buy: Equity Loan will need to complete the process to buy a new home by 31 March 2021.
This is the easy part: just contact our friendly sales advisors at any one of our developments across London† and they can use their expertise and contacts to guide you every step of the way.
Use our calculator guide to find out how Help to Buy: Equity Loan could help you buy a new home with just a 5% deposit.
How much deposit do you have?
The Government could lend you up to 20 of the home value.
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Sorry, the Help to Buy: Equity Loan scheme is not currently available in Wales.You can search for homes in this region without Help to Buy here.
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How long is the current scheme available for?London Help to Buy: Equity Loan, which is open to first time buyers and movers, will end in March 2021. A new Help to Buy: Equity Loan for first time buyers only will replace it on 1 April 2021.
Where is the scheme available?London Help to Buy is available across all Persimmon developments within the 32 boroughs of London and City of London on homes up to £600,000. (NB: there are price cap changes from 1 April 2021).
Can you clarify how the equity loan works?HM Government will provide you with an equity loan up to 40% value of the property. 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%.
What are the repayment terms of the equity loan?You can repay the loan any time within the first 25 years (or the terms of the mortgage), or when you sell the property. In addition, it is also possible to repay part of the equity loan subject to certain limits and criteria.
What types of mortgage are available with London Help to Buy?Repayment mortgages are the only option with this scheme.
Can I use the scheme if I already own a home?The London Help to Buy scheme is available to both first-time buyers and existing homeowners. (NB: the scheme will only be available to first time buyers from 1 April 2021).
Is the scheme available on pre-owned homes?No. London Help to Buy is only available on new-build homes like those built by Persimmon.
Is the scheme available as a buy-to-let option?The London Help to Buy: Equity Loan is only available to purchasers using the property as their main residence.
Where can I get financial advice from?Persimmon can put you in touch with a list of recommended independent financial advisers who can assist you every step of the way.
London Help to Buy: Equity Loan scheme is available on all plots in the capital, with a full purchase price up to £600,000, subject to status. Eligible applicants will be offered an equity loan of up to 40% of the purchase price at the open market value. Applicants are required to fund at least 60% of the purchase price with a conventional main mortgage and minimum of 5% cash deposit. For the first five years there is no interest charged on the equity loan. At the start of year six, 1.75% interest is payable on the equity loan, which rises annually by RPI inflation plus 1%. The equity loan is provided by the Government's Homes and Communities Agency (trading as Homes England), and held as a second charge on the Help to Buy home. Terms and conditions apply. Applicants should seek independent financial advice, and get information and guidance on applying for a London Help to Buy: Equity Loan at www.helptobuy.gov.uk
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 London equity loan 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. For full details on London Help to Buy please visit: www.helptobuy.gov.uk/equity-loan/london-help-to-buy/
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The prices shown are correct at the time of being published but are subject to change without prior notice, please contact our Marketing Suite for accurate price information.
Site layouts are intended for illustrative purposes only, and may be subject to change, for example, in response to market demand, ground conditions or technical and planning reasons. Trees, planting and public open space shown are indicative, actual numbers and positions may vary. Site plans does not form any part of a warranty or contract. Further information is available from a site sales advisor.
The dimensions shown are approximate and the precise measurements may vary.
For full details on the HM Government-backed Help to Buy: Equity Loan scheme please visit www.helptobuy.gov.uk.
Every effort has been taken to ensure the information provided here is accurate however, particulars regarding local amenities and their distances are for general guidance only. Where schools and other educational facilities are mentioned they are intended to highlight their distance from the development and don’t represent a guarantee of admission or eligibility. Travel times and distances assume journeys are made by car. Times are likely to vary according to travel conditions and time of day.
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