Help To Buy has helped over 300,000 people so far (Picture: Getty Images)
Getting on the property ladder is tough if you’re a first time buyer – with house prices spiralling it can be hard enough to afford monthly mortgage payments, never mind save up for a deposit.
However many people have benefitted from the Government’s Help To Buy scheme in recent years – which offers first time buyers the chance to take out an equity loan towards the price of the property.
It doesn’t have that long left to run though – so if you want to apply for Help To Buy to get yourself that dream home, just much longer does it run for?
When does the Help To Buy first-time buyer scheme end?
The current Help To Buy first-time buyer scheme ends in March 2023.
The initiative sees the government lending first time buyers an equity loan of up to 20% of the cost of a newly built home – up to 40% in London – to help those who are otherwise unable to access affordable loan to value mortgages due to insufficient deposit.
In order to meet the criteria, you need to buying your first property, which must be a new build from a registered Help To Buy homebuilder.
Who is eligible for Help to Buy?
You are eligible for Help To Buy if:
- You are over 18
- You are a first-time buyer
However you can not apply if you:
- own a home or land anywhere in the world now or in the past
- have had any form of sharia mortgage finance
- own a home bought with other people or inherited
- are married or in a co-habiting relationship, either now or on legal completion with anyone who owns or has owned a home or land anywhere in the world
- are buying a second home
If you are married or living with your partner, you will have to make a joint application, and both live in the property, having it as your only residence.
There are also price limits on homes you can buy with the equity loan – these vary according to where you are in England.
How can you apply for Help To Buy?
You’re eligible if you’re over 18 and a first time buyer (Picture: Getty Images)
Details of how to apply for the scheme are available on the website – where you can also find details of a Help To Buy agent near you.
Before you apply you should make sure you have the money to pay for the following:
- a fee to reserve your home (up to £500)
- a 5% deposit on exchange of contracts (if you have a larger deposit, pay the rest on completion)
- other fees on completion (stamp duty, legal fees and mortgage fees).
You should also ensure that the equity loan meets your needs and that you can afford to make the repayments.
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