What is Help to Buy?

28/05/2019
General

Help To Buy is such a fantastic scheme to help get you moving – why rent, when you could buy with a little help?

If you can’t afford to buy a home of your own on the open market, Help to Buy could be your way onto the property ladder, with several affordable home ownership schemes set up by the government.

Equity Loan: You can apply for a government loan of up to 20% of the cost of your new-build home, so that you’ll only need a 5% cash deposit and 75% mortgage to make up the rest.

Shared Ownership: You can buy an initial share in a new home that you can afford, helping you into home ownership in manageable stages.

OPSO – Older People’s Shared Ownership: If you are aged 55 or over, you can buy an initial share in a new home that you can afford, helping you into home ownership in manageable stages, and giving you lower living costs.

HOLD – Home Ownership for people with Long-Term Disabilities: If you have long-term disabilities, you can buy an initial share in a new home that you can afford, helping you into home ownership in manageable stages, and offering you the chance to live independently.

BREAKING NEWS: The government has announced a new Help to Buy scheme that will run from April 2021. It is restricted to first-time buyers and includes regional property price caps to ensure the scheme reaches the people who need it most.

There are no changes to the current Help to Buy equity loan scheme, which runs to March 2021.

The new scheme will run from April 2021 to March 2023. As with the current scheme, the government will lend buyers up to 20% of the cost of a newly built home. Read more about this on www.gov.uk