Help to buy...Want to know more?
The current Help to Buy scheme, which helps both First Time Buyers and Existing Homeowners to use the Government backed Equity Loan to buy a New Build property, is coming to an end on 1st April 2021.
The new scheme, which runs until 2023, is only available to First Time Buyers. The scheme is open to apply from 16th December 2020, but purchasers cannot complete on the property before 1st April 2021.
The scheme remains broadly similar, as First Time Buyers can borrow up to 20% of the property price (40% in London) of the cost of a New Build Home, via an equity loan. This loan is interest free for the first 5 years.
Buyers need to put in a minimum of 5% as a deposit, and then use a Help to Buy Mortgage to fund the rest of the purchase.
A major difference is the regional price caps - this means that to be eligible for Help to Buy, properties must not exceed the following;
North East £186,100
North West £224,400
East Midlands £261,900
West Midlands £255,600
East of England £407,400
South East £437,600
South West £349,000
We'd love to help you take those first steps onto the property ladder, so please get in touch if you'd like to know more.
Call 01323 436680 or email to Rachael@Willowtree-fs.co.uk
*Your home may be repossessed if you do not keep up repayments on your mortgage*