Need Help With Help To Buy Scheme?

Need Help With Help To Buy Scheme?

Help To Buy Services

The Help To Buy scheme is a government initiative that provides financial assistance to first-time buyers when they secure a mortgage. You can borrow 20% of the purchase price (40% in London), interest-free for five years.

Within the scheme, buyers can receive a government loan, which serves as a deposit and is available exclusively for first-time buyers. The purchased new build home must also adhere to the specified regional price cap. The loan is repayable after 25 years or upon property sale, whichever occurs first.

The Help To Buy scheme has enabled numerous individuals to step onto the property ladder, who might not have been able to do so otherwise. If you believe the Help To Buy scheme could assist you in your property and mortgage journey, don’t hesitate to reach out for complimentary advice.

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The Help to Buy scheme was introduced to aid first-time buyers in acquiring a property. The scheme enables buyers to contribute a 5% deposit and receive a 20% equity loan from the government, repayable after 25 years.

The scheme has facilitated entry onto the property ladder for many who might not have been able to do so previously. However, criticisms of the scheme exist. Some argue that it has inflated prices due to increased affordability. Concerns also revolve around its long-term sustainability, as the government must eventually repay the loans.

Nevertheless, the Help to Buy scheme has notably eased property acquisition for numerous individuals.

The primary advantage of the Help to Buy scheme is its facilitation of first-time buyers’ access to the property ladder. The scheme also offers several other benefits, including:

  • Interest-free loan easing deposit affordability.
  • Lower 5% deposit requirement compared to the standard 10%.
  • Higher maximum purchase price of £600,000, surpassing the £250,000 limit for first-time buyers.

The Help to Buy scheme has assisted countless first-time buyers in attaining homeownership, transforming aspirations into reality. If purchasing your first home is in your plans, the Help to Buy scheme could be the ideal avenue for you.

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