Help to Buy London launches in February

15th January 2016

A government scheme offering homebuyers in London loans of up to £240,000 to help them buy new-build properties will go live on 1 February. The extension of Help to Buy London, which was announced in the chancellor’s autumn statement, will be available to buyers of new properties in Greater London costing up to £600,000. As under the existing scheme, borrowers will need to be able to raise a deposit of at least 5%, and to qualify for a normal mortgage. They will also have to show that they can afford interest payments on the government loan when the five-year interest-free period ends.

The Guardian (12/01/2016)