Help to Buy is changing
From 1 April 2021 the current 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.
ways to buy
How does Help to Buy in London work?
Get on or up the property ladder with London Help to Buy. The scheme is currently available across London to first time buyers and existing homeowners
What is Help to Buy?
The London Help to Buy scheme means first time buyers and existing homeowners in London boroughs can buy a new home with just 5% deposit and an interest free* Government backed loan of up to 40% of the cost of a new build home. London Help to Buy is currently available on all Taylor Wimpey developments in London boroughs up to the value of £600,000.Interested? Watch the video to learn more.
Buying with London Help to Buy in 5 easy steps
Step 1. You save up to 5% deposit
You'll need a 5% deposit to buy a home with Help to Buy: equity loan. This is less than you'd typically need to get a mortgage without London Help to Buy so you might be able to buy sooner than you thought. Our Help to Buy calculator will help you find out how much you'll need.
Step 2. Find your dream home
Search for your dream home on our website. Book an appointment to speak to a Sales Executive at the development of your choice to discuss more about your requirements and find the perfect home for you.
Step 3. Find out how much mortgage you'll need
Our Sales Executive will put you in touch with an independent mortgage broker, who can help you find a 55% mortgage with London Help to Buy and finalise how much you'll need for a deposit. To get an idea of these figures now, why not take a look at our Help to Buy calculator?
Step 4. Apply for an interest free equity loan.
You'll need to apply for a Help to Buy equity loan worth up to 40% of the price of your new home. The maximum you can borrow from Help to Buy in England is £120,000 and up to £240,000 for London. There is no minimum amount.
Step 5. Let us help you, every step of the way
Don't worry - our team will be on hand to help you to find your new home and to guide you through your London Help to Buy application. Your Sales Executive will make sure the process of buying a new home with Help to Buy goes smoothly every step of the way, right up to the day you move in.
And finally... Paying the loan back
The Government backed equity loan of up to 40% of the property’s value is interest free (in England and Wales) for the first five years.
You can repay the loan at any time or on the sale of your home. To find out how much interest you'll pay after 5 years, take a look at our Help to Buy Frequently Asked Questions.
Complete your details to calculate your budget
You may be able to afford a home worth up to
How we got to that figure
What's this?
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 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 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.
Hear from our customers
London Help to Buy has made the dream of home ownership a reality for thousands of people across England. Find out how Help to Buy made buying their first home a reality for one couple.
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Part exchange your existing home for a brand new one. No chain, no estate agents, no stress!
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Easymover
Let us help make your moving experience stress free with our easymover scheme.
Terms and conditions apply. Please visit taylorwimpey.co.uk/terms for full details.
