Help to Buy: Equity Loan

The Help to Buy: Equity Loan was a government-backed initiative in England, launched in 2013 to stimulate the housing market and assist first-time buyers and existing homeowners in purchasing a new-build property. The scheme provided buyers with an equity loan of up to 20% (40% in London) of the property's value, which was interest-free for the first five years. This allowed participants to secure a mortgage with just a 5% cash deposit. The scheme closed to new applications on October 31, 2022, and all property purchases had to be legally completed by March 31, 2023. The programme is now in a management phase, with existing loans being administered by Homes England and its appointed mortgage administrator.