Help to Buy England & Wales Update
The Government Help to Buy Scheme has been a huge success and enabled many people become home owners who might otherwise have been excluded.
The Help to Buy Scheme has been refined along the way and is now only open to first time buyers.
The property must a “new build” and be constructed by a Help to Buy registered homebuilder.
A minimum deposit of 5% is required from you. This could include a “gift”, normally from immediate family members. The Government provides 20% (or 40% in London) in the way of an equity loan. The balance is normally taken by way of a mortgage.
In a move to tapper down the generosity of the Help to Buy Scheme and probably enhance its changes of longevity; from 1st April 2021 there will be caps introduced on the maximum property value allowed. These are at the time of print set regionally as follows:
Help to Buy England
|MAXIMUM PURCHASE PRICE
|Yorkshire and Humber
|East of England
Help to Buy Wales is limited to £250,000 maximum purchase price.
If you are looking for a mortgage we have a number of High Street and Specialist Lenders that can help.