Help to Buy is a government-funded scheme that allows first time buyers to buy a new build home with 5% cash deposit and a 75% mortgage from a commercial lender. The remaining 20% is borrowed from the government and is interest free for the first five years.

Our deposit calculator can give you an idea of how much deposit you will need to save to buy your new home, as well as how much your mortgage repayments will be, based on various factors such as the term of your loan and its interest rate.

A mortgage in principle is when a lender will say that, if all your financial and personal information is accurate, they would be willing to lend you the money you need to buy a new home. A mortgage in principle can usually be drawn up in 24 hours and will generally last between three and six months. You will need to check with your lender exactly how long yours will be valid for.

Not every house purchase requires a mortgage in principle, but it can be reassuring to have one, especially if your new home might not be completed for several months. A formal mortgage offer might have expired by the time your home is ready.