HELP TO BUY-FIRST TIME BUYERS

The Help to Buy scheme offers an equity loan where the government lends first-time buyers in England money to buy a newly-built home.

This must be used to buy your main residence and can’t be used to buy a second home or a buy-to-let property.

You need a deposit of at least 5% of the purchase price. You can borrow 20% (40% in London) of the purchase price. This amount is interest free for five years.

The maximum purchase price for a Help to Buy property depends on what region of England you live in. You can’t use Help to Buy to purchase a property above these limits.

Region Help to Buy price cap
North East £186,100
North West £224,400
Yorkshire and The Humber £228,100
East Midlands £261,900
West Midlands £255,600
East of England £407,400
London £600,000
South East £437,600
South West £349,000
Applications for the Help to Buy equity loan open for new applications now and will run until 31 March 2023.

The scheme is only open to first-time buyers.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR MORTGAGE PAYMENTS.

Similar Posts