The government has announced that it will extend the Help to Buy: Equity Loan scheme to 2021 and create a London Help to Buy scheme.
It will offer a 40% equity loan in recognition of the higher housing costs in the capital.
The scheme will offer buyers with a 5% deposit a loan of up to 40% of the value of a new build home, interest-free for five years.
This can be used in conjunction with the new Help to Buy: ISA launching on 1 December.
First time buyers that save in a Help to Buy: ISA will receive a 25% government bonus on top of their own savings, up to a maximum government bonus of £3000, which can be put towards the purchase of their first home.
