It can be a real challenge to get onto the property ladder. However there is help on hand with the Help to Buy scheme.

There are two parts to the scheme – the Help to Buy equity loan and the Help to Buy ISA which the Governments tops up by 25% when you come to buy your house.

The Help to Buy equity loan

This scheme is only available on new-build properties that have a purchase price of up to £600,000. It is available to both first time buyers and existing home owners, but the property you buy must be your only residence and is not available to buy to let investors.

You only need a 5% deposit and the government will lend you up to 20%. You will need to apply for a mortgage from a commercial lender for the remaining 75%.

For the first five years you will pay no interest, but after that it will cost 1.75% of the outstanding balance each following year.

Help to Buy ISA

A Help to Buy Individual Savings Account (ISA) is a high-interest savings account available for people buying their first property and is available at most high street banks and building societies.

You can earn up to 2.53% interest tax-free and then the Government will add 25% free cash on top of what you save providing you and the property you purchase meet the qualifying criteria

You will need to make an initial deposit of £1,000. After that you can deposit a maximum of £200 a month.

The ISA can be used for a property with a full market value of up to £250,000 or up to £450,000 in London.

Zoë is a Solicitor experienced in advising Help to Buy clients and completing first-time property and shared ownership transactions.

At Phillips our charges are transparent and we quote for all fees and disbursements up front, meaning that you will understand the full extent of your conveyancing charges from the very start.

To find out more call Zoë on 01256 854623 or send an email to [email protected]