What is Help to Buy? 

The governments Help to Buy equity loan scheme is designed to make it more affordable for you to buy your new home, on the condition that you are buying a new build property. 

Often used by first time buyers, the scheme is actually available to anyone who needs help to move into a new build home. 

What is the equity loan scheme? 

This scheme may be the one for you if: 

  • You’re buying your first home and are finding it difficult to save for that big deposit. 

  • You’re looking to move to your next home but need financial assistance to help you onto the next rung of the ladder. 


You are helped to buy your home with an equity loan of up to 20% of the full price of the property. 

How does it work? 

This scheme is for new build properties only. You buy 100% of your new home from a builder/developer who has registered for Help to Buy. You will need to have a 5% deposit yourself and then arrange a mortgage for the remaining 75%. McCoy Mortgages has Help to Buy mortgages and remortgages available from several lenders, including for borrowers with a less than perfect credit history.


The remaining 20% (this is the maximum allowed) is covered by the equity loan from the government. You will pay no interest on this loan for the first five years, and then from year six onwards, you’ll start paying a monthly administration charge. 

Are there restrictions on who can use this scheme or what property they can choose? 

You must be able to sustain the mortgage payments for your new property and you can’t buy a property worth more than £600,000. If you already own property (either in the UK or abroad), you must sell it as you can’t own two properties when taking advantage of Help to Buy.


When you have found your property we will guide you through both the Help to Buy and mortgage application processes.