Homes You'll Love Inside Out
Help to Buy is a Government backed scheme exclusively for first time buyers buying their first property. This fantastic scheme helps first time buyers purchase their new home for less due to requiring a lower deposit. Help to Buy allows first time buyers to get an equity loan from the government up to 20% of the cost of their new home. The loan is interest free for 5 years.
Under this scheme, the equity loan can be repaid at any time before the 25 year period or on the sale of the property.
You’ll need to meet the below conditions to purchase using Help to buy.
• The home you purchase must be the only home you will own and live in
• The home must be a newly built property.
• You will need to have at least 5% deposit funds and be able to get a mortgage for 75%.
• You must live in the home you are buying and the property can not be rented out.
•You will not be able to use the help to buy scheme if using our Part Exchange scheme.
Please be aware the new Help to Buy scheme includes regional price caps, if your new property costs more than the relevant price cap you will not be eligible for this scheme and the interest free loan.
• North East - £186,100
• North West - £224,400
• Yorkshire and the Humber - £228,100
• East Midlands - £261,900
• West Midlands - £255,600
• East of England - £407,400
• London - £600,000
• South East - £437,600
• South West - £349,000
Source: HM Treasury
If you are a first time buyer and the home you would like to reserve fits into the price cap for your location, and you do not own any other property or residential land now or in the past, in the UK or the rest of the world, you will qualify for the Help to Buy scheme. Your conveyancer will explain all of the terms and conditions to you before you sign your legal declaration to confirm you are a first time buyer.
How long will the Help to Buy scheme be available for?
The new Help to Buy scheme was introduced for applications in December 2020. This took over the previous Help to Buy scheme and introduced price caps and other T&C’s. This new scheme will run until March 2023.