Government Help to Buy Scheme

Is the Current Help to Buy Scheme Right for Me?

Most Importantly: To be eligible for Help to Buy: Equity Loan (2021-2023): you must be a first-time buyer of a new build home and you buy must be within the relevant regional price cap.

Is My Income Important?

There is no maximum household income level. However, you will require at least a 5% deposit of the full purchase price of the property regardless of your income. You are required to get a mortgage which will need to be 25% or more of the full purchase price. At the moment, help to Buy is only available on new build homes.

Help to buy is there to do just that. Help you to buy a new build home. The government recognises that buying a home is expensive and this scheme is designed to help first time buyers (although not limited to) get onto the housing ladder.

If you already have a home and are looking to move to a new-build property, you will also be eligible the apply under the current scheme.

When Will it be Too Late to Apply?

Applications for the Help to Buy equity loan opened for new applications on 16 December 2020, and will run until 31 March 2023.

We don’t expect this scheme to be changed until after the 31st march 2023.

How do I Pay The Loan Back?

You don’t have to pay off the loan in one go. But the rules state you have to pay back at least 10% of the property’s current value. So, this means that you could pay back 10% of the property’s current value if you took out a 20% loan, or pay back 10%, 20% or 30% of the property’s current value if you borrowed 40%.

Help to Buy Broker

You should seek financial advice from a broker or an advice centre to find out if the current scheme is right for you. They will review your situation and circumstances and give you the best advice.

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