Who is eligible for Help to Buy: Equity Loan

Eligibility for Help to Buy: Equity Loan (2021-2023)  

To be eligible for an equity loan, you must be a first-time buyer and buying a new-build.

You and anyone you’re buying a home with must: 

  • not own, or have ever owned, a home or residential land now or in the past in the UK or abroad , and
  • not have had any form of Sharia mortgage. A Sharia mortgage is one that meets the requirements of Sharia (Islamic) law.

If you are married, in a civil partnership, or living with a partner as if you were married, you will have to make a joint application with your husband, wife, civil partner or partner.

You must tell us if you or anyone you are buying with has a connection with a homebuilder, as this could affect your eligibility for the equity loan scheme.  

You are not allowed to sublet your home (move out and rent the whole property out to another person) without Homes England’s consent. 

Giving false or misleading information could be fraud. This is a criminal offence and you may have to repay the equity loan.

Eligibility Checks

We will check if you’re eligible for the scheme.  

We will use the eligibility calculator tool to check your monthly income and outgoings, including household bills and estimated mortgage repayments.

Your repayment mortgage should be less than 4.5 times your annual income (before tax). If you have a large deposit and can get a mortgage without our support, think carefully about whether an equity loan is right for you. Getting independent financial advice could help you make the right choice. 

Your home may be repossessed if you do not keep up repayments on your repayment mortgage, equity loan or other loans secured against it. Consider getting independent financial advice before making any financial decisions. 

Applying for Help to Buy: Equity Loan (2021-2023) 

Homebuyers who are eligible for a Help to Buy: Equity Loan can start the application process

Find out more about applying for Help to Buy: Equity Loan here.

More detailed information can be found in the Homebuyers’ guide to Help to Buy: Equity Loan (2021-2023)

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