Where can I get help to buy a new-build property?
The government could lend you 20% of a new build home’s full purchase price (or 40% if you’re buying in London) through its Help to Buy: Equity Loan scheme, and you won’t have to pay interest on that loan for five years. There are limits: the scheme, which runs until March 2021, is only available for properties valued up to £600,000 in England. Similar schemes are available in Wales (with homes worth up to £300,000) and Scotland, but there’s no Help to Buy: Equity Loan scheme in Northern Ireland.
If you’re unsure about whether you can afford a new build property, it may be a good idea to speak with a mortgage broker. You could start by trying our mortgage eligibility checker, which can give you an indication of how likely it is you’ll qualify for a mortgage, before you go through the process of making an application.