The Government’s ‘Help to Buy’ equity loan means it’s possible to buy a ‘New Build’ home up to £600,000 with a little as 5% deposit.
For example: 5% deposit + 20% from Help to buy (interest free for 5 years) = 75% loan to value mortgage. So YOU could be closer to having your deposit than you think.
However, there’s no time to waste!
Previously, Help to Buy was only available to help first time buyers get on the housing ladder, but in the wake of Covid-19 the Government extended the scheme to include people looking to move home so as to stimulate activity in the housing market. Therefore, you don’t currently have to be a first time buyer to use the scheme. However, the scheme is not available to people buying an additonal second home or investors.
Still interested? A few important points, you must
- be able to afford the monthly fee and interest payments
- not own any other property or enter a part exchange deal on your old home
- not sublet or rent out the property after you buy it
The Help to Buy Scheme can be used along with the government’s Stamp Duty holiday but there is a short window of opportunity to take advantage of these benefits – All applications must be submitted by 15th December and must complete by 31st March 2021 in order to be eligible for the equity loan funding.
If you’re not a first time buyer and wish to use the scheme…..take advantage of it now, as the current ‘Help to Buy’ scheme will be restructured in December and as of 1st April 2021 it will ONLY be for ‘first time buyers’
*Find out more about ‘Help to Buy’, if you are eligible and how to apply here: https://www.helptobuy.gov.uk/equity-loan/how-to-apply-equity-loan/
If you are considering a move and would like a valuation of your home, we’re here to help and can offer a package to suit you.
Outside of help to buy, we have an array of homes for sale on www.clarkesestates.co.uk but do call us and register…homes are selling fast and sometimes before reaching the internet.
We want to make sure that YOU don’t miss out.