Help to Buy - can I put more than 5%

dowjones123

I am going through the new rules for Help to Buy London that has come into effect since Feb 2016

It seems :
Given house price is 400,000
1) I can put in 5% of the price , i.e. 20,000 (plus fees and stamp duty )
2) Govt puts in 40% , i.e. GBP 160,000
3) Mortgage lender lends 55% , i.e. 220,000

My question is : can I put 10% instead of 5% so that :
I put : 40,000
Govt : 160,000
Lender : 200,000

This means Loan to Value is 50% which is better in terms of interest rate.

Thanks a lot

amnblog

Which lender is offering a better rate at 50% than 55%

kingstreet

You are buying a newbuild?

dowjones123

Thanks, it is more from a theoritical point of view that I am asking this question. Can I put in more deposit and government still puts 40% or the government will scale back its contribution in that case - that is my question

dowjones123

kingstreet wrote: »

You are buying a newbuild?

Yes I am buying a newbuild

kingstreet

Yes, you can use a deposit higher than 5%.