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For new home completions from 1st April 2021 onwards, the Help To Buy scheme will change to only be available to first time buyers, so in order to be eligible you must never have owned a home.
There will also be regional price caps based on local markets, meaning there will be a limit to the price of the house you are able to buy depending on where you want to live within England.
You can apply for the new scheme from Wednesday 16th December 2020. Eligible first-time buyers will be able to reserve their homes from mid-December and get the keys to move in from 1st April 2021. This new scheme is set to be available for only two years, until March 2023.
Find out more about the new scheme, read the The Homebuyers Guide to Help to Buy: Equity Loan 2021-2023
The regional price structure for the new scheme in the areas which we build, are as follows: East Midlands £261,900 Yorkshire and the Humber £228,100
Please note, applications under the current scheme will close on Tuesday 15th December 2020.
What will I pay after 5 years?
The government loan is interest free for the first five years after you purchase your property, after which a fee will apply starting in the 6th year. Your solicitor or conveyancer will be able to give you more precise information regarding your future fees.
Am I eligible to buy a home with Help to Buy?
The government launched the Help to Buy scheme to make it easier for first time buyers to get on the property ladder. If you are in a position where you want to buy a new property, but you cannot afford a large deposit, this could be an excellent option.
To be eligible you must be 18 or over, you cannot have previously owned a property, and the purchase price of the property you are planning to buy is less than the regional price cap depending on where you want to live (see above). This scheme is available in England only.
How do I go about buying a home through Help to Buy?
Simply enquire about the development you’re interested in and ask one of our Sales representatives about Help to Buy. Most independant mortgage brokers will help you with your application. You can also talk to a Help to Buy agent in the area you want to live.
Find out more on the Government’s Help to Buy website.
Things to consider before buying a home using Help to Buy
There are other factors which may impact your decision on whether Help to Buy is right for you. Make sure you speak to an independent financial advisor and weigh up the pros and cons before you decide:
Terms and conditions:
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT
*Help to Buy: Equity Loan (2021-23), England is available for First Time Buyers on properties up to the maximum value of the regional price caps below:
Yorkshire and the Humber £228,100
East Midlands £261,900
If you qualify for Help to Buy assistance and you raise a mortgage for at least 25% of the purchase price of your new home from a lender, you can borrow up to 20% of the purchase price by taking out a loan secured over your new home from the Government’s Homes & Community Agency (trading as Homes England) over a period of 25 years. A 5% cash deposit is required at exchange. More may be required at completion depending upon circumstances and your lender’s criteria. Help to Buy is subject to eligibility and terms and conditions. Homebuyers can find their Help to Buy agent at helptobuy.gov.uk.
The property purchased must be your only residence and you cannot have owned a home in the past. You cannot rent out your existing home and buy a second home through Help to Buy.
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