UPDATE: The Help to Buy Equity Loan Scheme is closing to new applicants on the 31st October 2022. This is to ensure that you have legally completed on your purchase by the 31st March 2023 when the scheme comes to an end. For more information click here
The Help to Buy Scheme is a Government initiative offered on new build properties, as a way to help you with your purchase. Since the scheme started in 2013 it has been changed several times and in April 2021 a new scheme was launched. The latest scheme changes how it operates and who is eligible.
By using the Help to Buy scheme, you are able to secure and purchase a property on the site with only a 5% cash deposit. The Government then lends you up to 20% of the purchase price, with the remaining 75% being covered by a standard mortgage.
The loan from the Government is interest-free for the first 5 years, and will need to be re-paid either within 25 years, at the end of your mortgage agreement, or when you sell your home – whichever comes first.
To qualify for the latest Help to Buy scheme, you must be a first-time buyer, as must anyone else you may be buying alongside with, and the purchase price of the property must be under the ‘price cap’ set by the Government in your area. The caps for the local area are as follows:
Yorkshire & The Humber – £228,100
East Midlands – £261,900
West Midlands – £255,600
At Banner Jones, we have a wealth of experience dealing with conveyancing under the Help to Buy scheme. We explain the entire process in a straightforward and uncomplicated manner. For a free, no obligation quote call