Help to Buy Scheme (2021 – 2023)
The Government first introduced the Help to Buy Scheme in 2013 to help first time buyers and those looking to move house, purchase a residential property with just a 5% deposit.
Over the years, the scheme has helped hundreds of thousands of people get on the property ladder. From April 2021, the Help to Buy: Equity Loan Scheme (2013 – 2021) was replaced by the new Help to Buy Scheme (2021 – 2023), which put restrictions on who qualifies for the scheme.
New Help to Buy Scheme (2021 – 2023)
The new Help to Buy: Equity Loan Scheme (2021 – 2023) is only available to first-time buyers in England and regional property price caps will apply.
To be eligible for the Help to Buy Scheme (2021 – 2023) you must meet the following criteria:
- You must be a first-time buyer (unlike the previous scheme which was also available to existing homeowners).
- The property you wish to purchase must be a new build
- The maximum buying price of the property cannot exceed the regional price caps (please see below the price caps)
- You must have access to a minimum 5% deposit and be able to afford a conventional mortgage
How does the Help to Buy Scheme Work?
The help to buy scheme is an equity loan from the Government, which is put towards the cost of buying a new-build home.
First-time buyers in England with a deposit of at least 5% are able to borrow up to 20% (40% in London) of the purchase price with an equity loan. The loan is interest free for the first 5 years and then after this period interest will start to be paid on the loan amount borrowed.
For more information on Help to Buy interest rates and repayment please visit the Government website.
Help to Buy Solicitors
When you’re buying a house using the help to buy scheme it’s essential you instruct an experienced solicitor who understands the process involved because it is much more complex than standard conveyancing.
At Morrish Solicitors, we have a dedicated team of conveyancing and property experts who are able to deal with your Help to Buy transaction. With years of experience in managing Help to Buy transactions, we have the expertise you need to ensure the process is as straightforward and hassle-free as possible. We are able to offer our services on any type of property, anywhere in England and Wales.
We would strongly advise anybody considering applying from a Help to Buy Loan to take independent financial advice.
For further information on Help to Buy or to discuss our residential conveyancing and property services please contact us on 033 3344 9600 or simply email [email protected] with your request.
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