Help to Buy – what’s changed?

On 16 December 2020, the government’s Help to Buy: Equity Loan (2021-2023) scheme came into effect. This replaced the previous Help to Buy scheme, changing certain provisions and eligibility criteria.

With the Help to Buy scheme, buyers can purchase their perfect newly built home with as little as a 5% deposit (subject to terms and conditions). This 5% deposit is essentially topped up to 25% of the cost of the home (45% in London) with an interest-free loan*, and then a Help to Buy mortgage funds the remaining amount. 

First-time buyers only

Perhaps the biggest change introduced by the new scheme is that it’s now limited to first-time buyers only. If you’re a first-time buyer hoping to get on the property ladder this year, it’s worth exploring how the Help to Buy scheme can help you purchase your dream home.

Regional price limits 

The new scheme introduced regional price limits, set at 1.5 times the average first-time buyer price in each region in England. This means that to be eligible for the loan, homes have to be below the set maximum price in their area. By setting limits, the scheme hopes to keep prices of new homes closer to average first-time buyer property prices and, in doing so, reduce how the amount first-time buyers need to borrow. In the South West, the price cap is £349,000.


The Help to Buy scheme can only be used to purchase newly built homes and we are delighted to announce that Morrish Homes has signed up to a be part of it.

We currently have a number of gorgeous new build properties available in Somerset and Cornwall. All of our new homes blend stunning modern interiors with timeless exterior finishes, making them a perfect choice for your first home. To find out more about a development near you, register your interest here

* Help to Buy loan is interest-free for the first five years, after which point interest fees start at 1.75% and rise each year. 

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