All you need to know about upcoming changes to the government’s Help to Buy equity loan scheme.

If you’re looking to buy your first home, you probably already know about the government’s Help to Buy equity loan scheme. It’s proved popular since launch in 2013, with almost 300,000 properties bought as part of the initiative so far. But some aspects of the scheme are changing later this year, and it’s important you understand whether you’ll still be eligible for help.

Are you eligible?
The new Help to Buy equity loan rules apply from April 2021 to March 2023. To qualify, you must:

• be a first-time buyer in England;
• have a deposit worth at least 5% of the property you’re looking to buy;
• borrow a minimum of 5% and up to a maximum of 20% (40% in London) of the full purchase price of a new-build home from the government; and
• buy the property from a homebuilder registered with the scheme.

What are the price caps?
The price of your home can’t exceed the maximum figure outlined by the government. These limits vary depending on where you’re looking to bu