29/10/20Changes to the Help to Buy Scheme
There are to be some changes to the Help to Buy scheme. The Government scheme is currently available at Priors Orchard in Southbourne for first time buyers and anyone moving to their next home.
With a Help to Buy: Equity Loan the government lends you up to 20% (40% if you’re in London) of the cost of your newly built home.
You pay a deposit of 5% or more and arrange a mortgage of 25% or more to make up the rest.
You won’t be charged interest on the 20% loan for the first five years of owning your home.
Source : www.helptobuy.gov.uk
The current scheme ends on 1 April 2021 and in order to buy a home using this scheme you must reserve it by 15 DECEMBER 2020 and legally complete your home purchase by 31 MARCH 2021, to be able to get the equity loan funding.
On 1 April 2021, a new Help to Buy: Equity Loan (2021-2023) for first-time buyers only replaces the current scheme and details of this will be the subject of a future post.
DON’T DELAY! Contact the Sales Office at Priors Orchard on 01243 790581 or Simply New Homes at Henry Adams on 01243 521833 for details of the new homes available at this development which are eligible for the Help to Buy scheme.
The Help to Buy scheme is an equity loan (subject to eligibility, terms and conditions). If you are thinking of applying for an equity loan through the scheme please go to www.helptobuy.gov.uk for more details and to find a Help to Buy agent.