NEW DEVELOPMENT LAUNCH – Westmoor Grange, Armthorpe, Doncaster. Find more here.
As a leading Doncaster new homes housebuilder, we’re pleased to offer the Government initiative, Help to Buy at our Westmoor Grange and Vicarage Fields developments. The scheme has helped thousands of homeowners take the first, or next, step onto the property ladder since its launch in 2013. However, from April 2021 the scheme will be changing.
Up until now the scheme worked by offering up to a maximum of 20% of the purchase price through an equity loan funded by the Government. The remaining 80% was then made up through a 5% deposit contribution from the buyer and a 75% mortgage from a bank or building society. It was available to all buyers without an existing property and, was up to a property value of £600,000.
Going forward, Help to Buy (2021 – 2023)* continues to be a Government-backed equity loan scheme which will only now be available to first time buyers. The property purchased through Help to Buy must be the buyer’s only residence and all purchasers must be able to prove that they have never previously owned a home. The scheme offers up to a maximum of 20% of the purchase price through an equity loan funded by the Government. The remaining 80% is then made up through a 5% deposit contribution from the purchaser and a mortgage from a bank or building society.
In addition to now being only available to first time buyers, there is also a regional value cap. Meaning, the scheme is only available on houses in the Yorkshire region up to the value of £228,100 and the East Midlands region up to the value of £261,900.
Charlotte Kirk, head of sales for Albemarle Homes commented: “The Help to Buy scheme has been really useful for many of our buyers who have not only been able to get onto the property ladder because of it, but also, in some cases, been able to afford a larger home than they first thought.
“The changing scheme will have an impact on some buyers however, we are well placed to continue offering Help to Buy on a number of our homes across two of our developments in Doncaster and Beckingham including two and three bedroom properties.”
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