If you want to purchase a home of your own, but can't afford to buy on the open market, Help to Buy could be your way onto the property ladder. The Government has created the Help to Buy scheme to help you take your first steps into home ownership.
With a Help to Buy Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home.Visit Help to Buy South
If the home in the example above sold for £210,000, you'd get £168,000 (80% from your mortgage and the cash deposit) and you'd pay back £42,000 on the loan (20%). You'd need to pay off your mortgage with your share of the money.