Help to Buy for First Time Buyers
Here’s how the Government’s Help to Buy scheme can help get you moving home
With Help to Buy, you can buy your own home with just a 5% deposit and a 75% mortgage. The Government lends you up to 20% of the cost of your newly built home, so you’ll need a 75% mortgage to make up the remainder of the purchase price. The Help to Buy Equity Loan is interest-free for 5 years and can be repaid at any time or on the sale of the home.
NEW HELP TO BUY SCHEME ANNOUNCED FOR FIRST TIME BUYERS
The Government has announced a new Help to Buy scheme to run 1 April 2021 until 31 March 2023. It is restricted to first-time buyers and includes regional property price caps to ensure the scheme reaches people who need it most. As with the current scheme, under the new scheme, the government will lend buyers up to 20% of the cost of a newly built home.