< Back to blog

New Help to Buy Scheme is up and running Posted On 26 January 2021

Homes England has announced that first-time buyers can now apply for the new Help to Buy Equity Loan Scheme

 

The Help to Buy scheme has been around for a while now, however, from the 16th December last year, the new Help to Buy: Equity Loan scheme has been open for applications from first-time buyers looking to purchase a new-build home.

 

With the new scheme, the government lends homebuyers up to 20% (40% in London) of the cost of a newly built home. Customers pay a deposit of 5% or more and arrange a mortgage of 25% or more to make up the rest. The equity loan is interest-free for the first five years.

 

Homebuilders are getting into contract for the new scheme and starting to market their new build homes. Eligible first-time buyers will be able to reserve their homes from now and get the keys to move in from the 1st April.

 

Housing Secretary Rt Hon Robert Jenrick MP 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.

 

“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.”

 

The new Help to Buy: Equity Loan (2021-2023) helps those who need it most, first-time buyers. There are regional price limits, set at 1.5 times the average first-time buyer price in each region in England.

 

Anyone interested in the new Help to Buy: Equity Loan is encouraged to read the Homebuyers Guide – https://www.gov.uk/government/publications/help-to-buy-equity-loan-buyers-guide

 

< Back to blog

Connect with us

Recent Posts

Puzzle for Your Thoughts?

  International Brain Teaser Month   January is International Brain Teaser Month. Brain teasers are a fantastic way to engage anyone and everyone. A good brain teaser can help pass the longest of car journeys or act as stimulating dinner co...

Read more...

Tidy Home, Tidy Mind

  What you need to keep your Home Spotless   There’s something wonderful about coming home to a clean and tidy house. It’s why many of us frantically clean our homes before going on holiday – to allow us to return to peace...

Read more...

Nuts About The Stuff

  National Peanut Butter Day   Peanut butter is one of those tastes – a little like marmite – that seems to divide the nation. You’re either looking for ways to sneak peanut butter into whatever you’re making - Thai ...

Read more...