The new Help to Buy: Equity Loan scheme was launched on 1 April 2021. It is for first-time buyers and includes regional property price limits to ensure the scheme reaches people who need it most; it will run until March 2023. As with the previous scheme, the government will lend homebuyers up to 20% of the cost of a newly built home, and up to 40% in London.
The aim of the scheme is to help first-time homebuyers into home ownership who are unable to access affordable loan to value mortgages due to having insufficient deposit. They are limited to purchasing a new build home from a Help to Buy registered homebuilder.