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HomeCalculatorsHelp to Buy calculator

Help to Buy calculator

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Last reviewed on 18th March 2022

Use our Help to Buy calculator to work out whether a Help to Buy mortgage would be affordable for you. Our Help to Buy calculator will give you an idea of the type of mortgage you’ll be able to apply for based on your income and property value. Furthermore, your location will also have an impact on the type of Help to Buy mortgage on offer.

Why does Help to Buy depend on my location?

A Help to Buy equity loan is a government scheme that can help you to buy a new-build property. The location of your Help to Buy home will be a factor in the maximum amount you can borrow. In addition, the maximum property price will vary depending on where your property is located.

England (outside of London)

If you’re buying a home in England, but outside of London, then the most you can borrow for an equity loan is 20%. There are also regional caps on the maximum amount you can borrow for a Help to Buy mortgage.

  • North East: £186,100
  • North West: £224,400
  • Yorkshire and the Humber: £228,100
  • West Midlands: £255,600
  • East Midlands: £261,900
  • East of England: £407,400
  • South East: £437,600
  • South West: £349,000

Help to Buy in London

If you’re buying a new-build in London, you may qualify for a 40% equity loan. Furthermore, the Help to Buy regional cap for London is £600,000.

The reason why the regional cap and the value of the equity loan are higher is that house prices in London are typically higher than anywhere else in the UK. That being said, taking on a larger mortgage will mean higher payments each month.

Wales

Help to Buy in Wales will enable you an equity loan of up to 20%. The maximum property price is also capped at £250,000. If you’re buying a home in wales for more than £250,000, you won’t be able to use the Help to Buy scheme.

Will I qualify for Help to Buy?

Not everyone will be eligible to use Help to Buy. Furthermore, the property you’re buying must also meet certain criteria.

  • The property must be a new-build
  • Limited to first-time buyers only in England
  • Available to first-time buyers and home movers in Wales
  • The home you’re buying must be for residential purposes and not buy to let
  • You must have at least a 5% deposit
  • The value of the property must fall within the regional cap for your area

Learn more about Help to Buy

Help to Buy can be useful in some situations, but there are also some potential pitfalls to consider.

Learn more by reading our Help to Buy guides:

If you’re still unsure of what to do, our advisors are available to help you with your mortgage application.

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About the author

Mortgage Advisor | More Articles

Martin is a senior mortgage advisor and has held a CeMAP qualification for over 15 years while also completing an MBA in Global Banking & Finance.