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The Help to Buy scheme has offered buyers the opportunity to purchase a brand-new home with a deposit as little as five per cent. The scheme has been extended until 2023 by the Government, but subject to some changes which come into effect in 2021.
What will stay the same?
The scheme will still allow people with a five per cent deposit to borrow 20% of the purchase price interest free for the first five years. It will still available on all newly built properties up to the value of £600,000.
What will change?
The primary change is that the scheme will no longer be available to existing homeowners – only first-time buyers will be eligible. There may also be regional price caps introduced within the new scheme which could reduce the maximum value of properties that can be bought through the scheme. The government is yet to announce further details on this.
Things to note
• You won’t be able to apply for Help to Buy if you’re trying to purchase a second home or a property to rent out.
• If you utilise Help to Buy, you can only take out a repayment mortgage.
• The current Help to Buy scheme is only for homes built by February 2021 and legally completed by 31st March 2021.
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