The Help to Buy scheme is a government-backed equity loan that intends to make mortgages more available to those who cannot afford to put down a large deposit.
The Help to Buy scheme requires just a small deposit of 5% and a mortgage of up to 75% of the value of the property.
So you pay just 80% of the property price now, and the remaining 20% that is left is provided by a government loan. It is interest-free for the first 5 years which could make your initial monthly mortgage repayments significantly lower. This government scheme is open to everyone, whether you are a First Time Buyer or looking to move yourself up on the property ladder.