- Wed 07 Sep 2022
The extremely successful government backed Help to Buy scheme launched in 2013, originally available for all buyers of brand new homes, although now only available for those purchasing a home for the first time, is set to come to an end.
The scheme allows people with only a 5% deposit to not only buy a brand new home, but the government will provide up to 20% equity loan, which would enable people to buy with only a 75% mortgage. This will then qualify for more attractive and affordable interest rates on their mortgage, with the 20% equity loan being provided on an interest free basis, then re-payable after the 5 year term either in a lump sum or with added interest over a longer term.
Anyone thinking of taking advantage of such a popular scheme will need to do so quickly as the deadline for any reservations is the 31st October 2022, when the house build must be completed by the 31st December 2022 and they must occupy the property before the 31st March 2023.
The good news is that at Bradleys, we still have a number of developments where there are properties that will qualify and therefore we can help you take advantage of the scheme before it’s too late.
In addition, we have a team of Mortgage Specialists that are registered with Help to Buy South West that are able to provide help with checking affordability and the best rates available for your position. You can find out more about our Mortgage Team here
If you are keen to find out more and see if we have a development near you, please contact the relevant Bradleys office.
Watch our latest Help to Buy video here, where our New Homes Director, Kevin James, explains the scheme in more detail.