Help to Buy Guide

Help to Buy Guide
What You Need to Know about Help to Buy in London Thanks to Help to Buy, people aspiring to move to or relocate in London can purchase a new-build home with just a 5% deposit, and the government will loan up to 40% of the total purchase price. The scheme is helping thousands of new homebuyers purchase their first property without risking all their savings – could it be what you need to make your home ownership dreams a reality? It’s worth noting that while the Help to Buy scheme has many benefits, it’s not the government’s responsibility to ensure the property you purchase is defect-free. Even new-builds are often rife with costly defects, so if you want to know you’re investing wisely, it’s best to obtain a snagging list from a chartered surveyor before making an offer.

What is the Help to Buy Scheme?

The Help to Buy scheme is a government-led initiative aimed at helping property hunters – particularly first-time buyers – purchase a home without the huge financial burden.

Provided you have a 5% deposit and meet the criteria to apply, you’ll apply for a mortgage to cover as little as 55% of the property’s total price and borrow the remaining 40% (20% maximum outside of London) from the government. The government’s loan is interest-free for the first five years.

When you sell your home, the government will receive 40% of the equity. So, if you buy a property for £400,000 and sell it for £500,000, the government will receive £200,000 and you will get £300,000. You will need to pay off your mortgage with your share of the profits.

Help to Buy Guide

Who Qualifies for a Help to Buy Loan in London?

Homeowners looking to relocate and first-time buyers can apply for a Help to Buy equity loan for a new-build London property worth up to £600,000. You can’t own any property when applying for a Help to Buy loan, nor can you sublet the property you purchase under the scheme.

Help to Buy is only available in England, and separate loan rules and criteria apply to regions outside of London. There are similar schemes in Scotland, Wales and Northern Ireland administered by the devolved governments.

How to Apply for Help to Buy

The Government-appointed Help to Buy London agent can guide you the process of applying for a Help to Buy equity loan, from handling your application to providing general property advice. Find more information by visiting or calling 0300 5000996.

Considerations When Searching for a Home

While a Help to Buy equity loan can help you purchase a home, it can’t highlight any areas that need improving or urgent defects. You might assume all newly built property are in near-perfect condition, but a recent study suggests that the average new-build hides up to 150 defects.

If you’re interested in the Help to Buy Scheme, you’re also undoubtedly interested in keeping hold of your savings, so you might consider obtaining a snagging list before purchasing a property. For as little as a few hundred pounds, we can give you the report you need to force your developer or builder into completing the repairs at no expense to you.

Learn more about snagging lists for London new-builds or call our RICS Chartered Surveyors on 020 7736 2383 to discuss your requirements.

Recent Articles

Recent Reviews

Help to Buy Guide
David Good
10:34 20 Jul 19
Harding Chartered Surveyors are a very professional business who handled a challenging task for us with ease. I highly recommend them and will be using their services again.
Help to Buy Guide
Karen Ng
22:30 01 Jul 19
Very efficient service and very detailed report. We are very satisfied.
Help to Buy Guide
Lily Kwong
10:38 24 Jun 19
Really quick turn around and professional service.
Help to Buy Guide
Neill Ghosh
14:22 11 Jun 19
Have used for years and always been very happy. Competitive on service and always good on deadlines and quality. Recommended.
Help to Buy Guide
Kevin Loughlin
20:27 28 Mar 19
The surveyor turned up on time as planned to survey the roof, both inside and out, then was happy to discuss it all with us afterwards. Bit tricky in high winds. Report arrived 2 days later, just what we needed. Professional and thorough. Recommended.
Help to Buy Guide
Jon Brennan
09:44 01 Mar 19
Quick, responsive and very thorough. Would definitely recommend Hardings to others, and will come back to them the next time I need a survey completed.
Quick, efficient and excellent service. Came as a recommendation from a friend and we’d happily recommend too.
Help to Buy Guide
A Google User
16:25 16 Dec 18
Thorough and professional surveyors. Very happy with their service. Highly recommended.
Help to Buy Guide
A Google User
15:54 10 Nov 18
Good, thorough, and promptly scheduled homebuyer survey in Fulham. The surveyor called me and explained everything clearly.
Help to Buy Guide
A Google User
14:12 18 May 18
We had two homebuyers surveys conducted by James. He was extremely knowledgeable, transparent and went the extra mile to inform my girlfriend and I of the results of each survey. Would highly recommend.
Help to Buy Guide
A Google User
10:41 29 Apr 18
I highly recommend David. Very good technical knowledge. He was always available for our questions, which included a detailed call on the same day as the survey. The written survey report was clear, detailed and included pictures and estimates of the cost of repairs.
Help to Buy Guide
A Google User
11:16 09 Jan 18
David gave us a fantastic service and has been a huge help during our property purchase process. We have had 2 surveys carried out, both of which were arranged very promptly. Thorough and extremely useful telephone calls and full written reports were received shortly afterwards. David’s reports and advice have been invaluable to us.
Help to Buy Guide
Sarah Dixon
14:13 08 Jan 18
I have worked with David and his team as a buying agent for many years now. The service they offer is an excellent one, timely with a commonsensical approach. I would recommend them to anyone.
Help to Buy Guide
Elif Erdine
14:30 04 Oct 17
Very experienced firm and friendly staff. Highly recommended.
Help to Buy Guide
About the Author
Help to Buy Guide

James Brook

James Brook is a chartered surveyor specialising in the survey and valuation of residential property.

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