Homes England has put out a statement that first-time buyers interested in new-build homes can apply for the new Help to Buy: Equity Loan scheme, which covers 2021-2023, can apply from Wednesday 16 th December. Applications for the Help to Buy: Equity Loan scheme are now open, meaning first time buyers interested in new build homes could borrow up to 20 per cent of the cost of the property, or even 40 per cent in London. The government loan is repaid as a percentage of the property’s value, rather than a set cash sum. The scheme applies to new-build properties up to a maximum value of £200,000 and closes in March 2022. The scheme supports the purchase of homes up to £300,000 bought through a registered Help to Buy – Wales builder. If you live in London, you can borrow up to 40% of the purchase price. If you’re applying for Help to Buy: Equity Loan (2013-2021), you have until 31 March 2021 to legally complete your purchase and get the keys to your home. It is designed to help anyone struggling to save a deposit for their first home or move up the property ladder as they have limited equity. But opting out of some of these cookies may have an effect on your browsing experience. It bridges the gap between lower loan-to-value (LTV) mortgages now obtainable for new builds and the smaller deposits many households now have … Help to Buy is the name of a government programme in the United Kingdom that aims to help first time buyers, and those looking to move home, purchase residential property. After-sale shared equity procedures 6. Homes England, the scheme’s administrator, announced that the new scheme will open next month and run until 2023. It also delivers other benefits, such as giving you access to a wider range of mortgage products. The launch of the new scheme will result in just first-time buyers being able to apply for the loan, which must be used towards buying a new-build home. Buying your … How it works. It is mandatory to procure user consent prior to running these cookies on your website. The official Government Help to Buy website. The UK government has announced its new Help To Buy scheme, which will aim to get first-time buyers on the property ladder. The Help to Buy: Equity Loan is a government-backed scheme aimed at first-time buyers, as well as people moving up the property ladder. On This Page. On This Page. Equity Loan Privacy policy Read our Help to Buy – Everything you need to know guide It allowed first-time buyers and home movers in England to buy new-build homes priced up to £600,000 with a 5% deposit. There is no Help to Buy scheme in Northern Ireland. Buyers could benefit from a 20% equity loan from the government (40% in London) and get a mortgage for the remaining 75%. This website uses cookies to improve your experience. Buying your council or housing association property With a Help to Buy: Equity Loan, the government lends homebuyers up to 20% (40% in London) of the cost of a newly built home. The Help to Buy ISA scheme closed to new accounts on 30 November 2019. The Government’s flagship scheme for first-time buyers relaunches next year, and applications for Help to Buy 2.0 can be submitted from today. Tell In fact 2021 is a big year for so-called affordable housing schemes because a shake-up of the shared ownership scheme is also underway. This scheme is available in England only. Want to know more about the government’s Help to Buy scheme and how it might affect you? Useful contacts. The scheme helps to keep your mortgage payments lower by boosting your deposit. The home you buy must: 1. be a new build 2. have a purchase price of up to £600,000 in England (or £300,000 in Wales) 3. be the only one you own 4. not be sub-let or rented out after you buy it 5. be one that you can show you cannot afford (if you’re applying in Wales) We answer some of the most frequently asked questions. The new form of Help to Buy will be similar to the existing system, with the government providing a loan of up to 20% – or 40% in London – of the price of a new build home. The official Government Help to Buy website. The UK government has announced its new Help To Buy scheme, which will aim to get first-time buyers on the property ladder. However, the current scheme is … The government has created the Help to Buy schemes including Help to Buy: Shared Ownership and Help to Buy: Equity Loan to help hard-working people like you take steps to buy your own home. Your qualifications to buy a HUD home depend on your credit score, ability to get a mortgage, and the amount of your cash down payment. This may come as good news for first-time buyers struggling to save up for a deposit of more than 10%. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Learn about government programs that make it easier to purchase a home. The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy: ISA before you can claim your bonus. The government launched the Help to Buy equity loan scheme in April 2013. This is to allow time for homebuyers to reach legal completion on their home before the funding ends on 31 March 2021. All Rights Reserved. The government has announced that the new Help to Buy Equity Loan scheme in England, which is due to begin in April 2021, is open to new applications this week, from the 16 th of December.. You can still open a Lifetime ISA to save for a first home. The Help to Buy (Scotland) scheme focuses on more affordable housing with a maximum purchase price of £200,000 and with £15 million ring-fenced support for the purchase of homes sold by smaller developers, from a total budget of £55 million. Potential home-owners, look sharp - the UK Government has announced the new Help to Buy scheme is about to open. Help to Buy is a government scheme first announced in the March 2013 Budget. The Help to Buy (Scotland) Affordable New Build scheme helps buyers to buy a newly built home without having to fund the entire price. These cookies do not store any personal information. 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