Available with just 5% deposit with London Help to Buy

What is Help to Buy?

The London Help to Buy scheme is a Government-backed initiative aimed at first-time buyers, as well as people moving up the property ladder.

The scheme helps to keep your mortgage payments lower by boosting your deposit. It also delivers other benefits, such as giving you access to a wider range of mortgage products.

Help to buy calculator
Your budget
Without Help to Buy London
With Help to Buy London
Mortgage illustration
Your deposit

Help to Buy London loan

Your mortgage
Mortgage repayment

The Affordability Calculator provides an indicative guide to monthly costs only. Household income assumes a joint income. A single income will need to be higher to be able to afford the same max purchase price. The information provided should not be relied on as confirmation of affordability or as a recommendation to proceed. L&Q is not authorised or regulated by the Financial Services Authority to provide financial advice. You should always seek advice and recommendations from an Independent Financial Adviser regarding mortgage products, affordability, interest rate, terms, conditions and method of repayment.

How does it work?
If you want to own a newly built home in London, you could borrow up to 40% of the purchase price from the Government with the London Help to Buy scheme.  You would only need a 5% deposit and your mortgage would make up the other 55%. The scheme is available on new build homes valued up to £600,000 to all UK residents, of any age, within the 32 London boroughs and the City of London.

With the larger deposit available to you under the London Help To Buy scheme, you should be able to get a lower interest on your mortgage. This gives you more flexibility in your repayment and makes it easier to obtain a mortgage agreement. London Help To Buy also means that you won’t have to take out an expensive 95% mortgage. You won’t need to pay interest on the government’s equity loan for the first five years.

London Help To Buy is only suitable if you’re sure that you’ll always be able to afford the mortgage repayments for your property. If you don’t repay your loan within the first 5 years, you will incur a monthly interest charge. If you want to repay it after the initial five year period you will need to repay it in chunks of at least 10%. The amount you repay will also fluctuate with the price of your home, meaning that it isn’t a fixed sum.

London Help To Buy schemes are available for new build properties worth up to £600,000. The government has provided information for you to check whether you’re eligible to use the London Help To Buy scheme.

Other schemes that are available
In addition to the London Help To Buy equity loan scheme, L&Q also offer another scheme called Shared Ownership. Find out more about Shared Ownership.

Please note L&Q do not currently offer the London Help to Buy mortgage guarantee.