The government help to buy scheme, offers first time buyers an equity loan and can only be used to buy your main residence and is for new build properties only. You will need minimum of 5% deposit in savings or from the bank of Mum and Dad and the maximum purchase price will depend upon which region of England you live in.

Regional Price Limits

There are price limits on homes you can buy with an equity loan. The limit is different for each region in England.

Region Full property price limit
East £407,400
East Midlands £261,900
London £600,000
North East £186,100
North West £224,400
South East £437,000
South West £349,000
West Midlands £255,600
Yorkshire and the Humber £228,100

How the help to buy equity loan works

  • The purchaser requires minimum 5% deposit
  • The government can lend up to 20% (40% in London) of the agreed sale price up to a maximum of the regional limit (see table)
  • Apply mortgage for the remaining 75% (or 55% in London), from help to buy mortgage lender
  • You repay the same percentage of the proceeds of your sale as the initial equity loan. I.e. if you borrow 20% and this equated to £20,000. Then if you sell at £200,000, your 20% will be equivalent to £40,000
  • Equity loans are interest free for the first 5 years
  • After 5 years you will be charged interest at 1.75%. After the 6th year interest will increase by the consumer price index (CPI) +2%. Note, if you took out your loan prior to December 2019 it is CPI +1%
  • Equity loans must be repaid on sale of the property or after a period of 25 years.

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    I have no doubt in recommending Brian to anyone seeking out a mortgage and advice. He has been helpful and supportive throughout my mortgage application. His responses to communication was excellent. Brian kept me informed at each key stage. He was professional and always happy to answer and explain the many questions I had. I’m very grateful for his recommendations, advice and help. I have no hesitation in using Brian again and look forward to him assisting me in the future. Thank you Boudica.

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    Brian was absolutely amazing. We went to another mortgage broker and it took us 10 months and they managed to lose our documents and the mortgage was declined. Went to Brian within 2 days had mortgage in principle and within 2 working weeks had the final mortgage offer. Absolutely astounding result for us after a long and painful year. Definitely recommend Boudicas Land for mortgages.

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    Brilliant service. Thank you so much to Brian and John for all their support. I was able to contact them anytime via emails or phone with a quick response. I was able to pop down to their office anytime to discuss my options. It’s good to have all services under one roof. From home purchasing, loan application, solicitors services, Will writing services and many more which you require. I would highly recommend them. Good value for money as well.

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    My wife and I were first time buyers so were new to the process of house purchasing. Brian acted as the agent for the property we were purchasing. From the viewing through to completion and beyond, we haven’t looked back. We also used the services of Boudica for Mortgage brokerage and advice, through Brian as well. It was one of the best decisions we made because the communication, guidance and professionalism from Brian and the team was amazing. Brian helped chase things through for us and helped explain the process at every step. With such an amazing experience, we also used Boudicas for financial and insurance advice through John. Again, an amazing decision! All together and throughout, the communication was very helpful and the team worked at an amazing pace to suit our needs for a quick purchase. Thanks again to the team at Boudicas, we would highly recommend and will be passing on their details to whoever we know that might need their services; buying, selling, remortgaging, finance, insurance and the rest. All in all, a truly faultless service!

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