Along_the_Wire that sounds like a different scheme to Help to Buy, whereby you can purchase any new house with a 5% deposit, the government will lend you 20% (40% London) of the total property price as an equity loan and then you mortgage the remaining amount
That 20% (40%) loan is government (tax payer) funded and it is fueling the housing market bubble by enabling buyers who technically shouldn’t be able to (due to excessively inflated prices) enter the market.
“From 1 April 2013 to 30 September 2022, 375,654 properties were bought with an equity loan. Of which, 316,805 were purchased by first-time buyers. The total value of these equity loans so far totals £23.7 billion. The value of the properties sold under the scheme totals £105.4 billion.”
