What is Help to Buy?
Help to Buy is a Government backed scheme available across the UK that allows first time buyers and existing homeowners to buy a home with just 5% deposit. With Help to Buy, you'll get an equity loan of up to 20 per cent of the cost of a new home. The terms of Help to Buy vary slightly between England, London, Scotland and Wales, so take a look at the different schemes below.
Where do you want to live?
The terms of the Help to Buy scheme varies dependent on where you live. Learn more about Help to Buy in your area.
Help to Buy England Help to Buy Scotland Help to Buy Wales Help to Buy London
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Deposit
This is your lump sum contribution. Your deposit must be a minimum of 5% of the property price.
Help to Buy equity loan
This is a loan from the government who will contribute up to 40% of the cost of a London home. Interest is payable after 5 years.
Mortgage
The mortgage value is calculated as 4.5 times the total annual income.
Terms and conditions
The Terms & Conditions of all Taylor Wimpey offers and schemes are provided below. If you have any queries, please contact the Sales Executive at the relevant development.
Help to Buy: Equity Loan
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) Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. For the first five years there is no fee charged on the equity loan component. At the start of year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%. The equity loan is provided by the HCA and held as a second charge. Terms and conditions apply and full details will be provided on request. This offer is subject to status and only available on selected developments and properties in England only. It is not offered with any other promotion. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Help to Buy Scotland
Eligible applicants will be offered an equity loan of up to a maximum of 15% of the purchase price (based on the open market value) Applicants are required to fund at least 85% of the purchase price by means of a conventional mortgage, savings and any deposit where required. The equity loan is provided by the Scottish Government and held as a second charge.
At present there is no set deadline by which purchasers must repay to Scottish Government the equity support which they receive through the Help to Buy (Scotland) Scheme.
Terms and conditions apply and full details will be provided on request. This offer is subject to status and only available on selected developments and properties in Scotland only. It is not offered with any other promotion.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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). Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. For the first five years there is no fee charged on the equity loan component apart from an administration fee of £1 per month. At the start of year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1%. The equity loan is provided by HtBW with funding provided by the Welsh Government and is held as a second charge. Terms and conditions apply and full details will be provided on request. This offer is subject to status and is only available on selected developments and properties in Wales only up to the value of £300,000. It is not offered with any other promotion.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
From 16 December 2020 the Help to Buy scheme will be replaced with a new scheme for first time buyers only. Find out how the current and new schemes compare.
Find out more
Terms and conditions apply. Please visit taylorwimpey.co.uk/terms for full details.
