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Government Announce New Help To Buy Scheme

Government Announce New Help To Buy Scheme

The UK government has announced its new Help To Buy scheme, which will aim to get first-time buyers on the property ladder.

Homes England has revealed that applications for the Help to Buy: Equity Loan scheme will open on Wednesday 16 December.

Credit: PA
Credit: PA

It means that first-time buyers will be able to apply for new-build homes and it will cover the period of 2021-2023.

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The loan means that potential buyers could borrow up to 20 percent of the cost of a house - or 40 percent or those in London.

Buyers will need to stump up a deposit of at least 5 percent. The mortgage must be to the value of 25 percent or higher in order to make up the remaining amount.

There are also eligibility requirements on the house, which must be newly built and can cost up to £600,000.

It's also required that applicants can afford the monthly fee and interest payments and not own any other properties.

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They are also unable to sublet or rent out the property after they've bought it.

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First-time buyers will be able to reserve their homes from mid-December and get the keys to move in from 1 April 2021.

Speaking about the new scheme, Housing Secretary Robert Jenrick said: "The Government is providing more ways to help families onto the housing ladder, and provide that life-changing moment when you get the keys to your own home.

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"Alongside First Homes, Shared Ownership and our £12bn investment in affordable housing, our new Help to Buy scheme will help thousands more families take their first step into a home of their own."

Will German, director of Help to Buy at Homes England, added: "Help to Buy has already helped more than 270,000 people into homeownership and 82% are first-time buyers.

"The new Help to Buy builds on this success with first-time buyers in front of mind.

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"We're pleased we can help homebuyers with smaller deposits to own a home, at a time when there are fewer options open to them.

"Housing, like most sectors, has experienced a slowdown during the Covid crisis.

"But Help to Buy continues to give homebuilders the confidence to keep on building at a more crucial time than ever."

It's worth bearing in mind that the loan means that Homes England will then have an entitlement to any proceeds in the future sale of the home, taking the same percentage of the profits as what they put in.

Featured Image Credit: PA

Topics: UK News

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Amelia Ward

Amelia is a journalist at LADbible. After studying journalism at Liverpool John Moores and Salford Uni (don't ask), she went into PR and then the world of music. After a few years working on festivals and events, she went back to her roots. In her spare time, Amelia likes music, Liverpool FC, and spending good, quality time with her cat, Paul. You can contact Amelia at editorial@ladbible.com.