Advert

Latest

5 hours ago
Advert
6 hours ago
Advert

Most Popular

12 hours ago
Advert

Government’s New Help To Buy Scheme Is Now Available

Government’s New Help To Buy Scheme Is Now Available

Potential home-owners, look sharp - the UK Government has announced the new Help to Buy scheme is about to open.

Homes England has put out a statement that first-time buyers interested in new-build homes can apply for the new Help to Buy: Equity Loan scheme, which covers 2021-2023, can apply from Wednesday 16th December.

New builds are eligible in the scheme (Credit: PA Images)
New builds are eligible in the scheme (Credit: PA Images)

For those unfamiliar of the benefits, a Help to Buy: Equity Loan sees the government lend potential buyers up to 20 per cent of the cost of a new-build home (properties in London can see the government loan up to 40 per cent). Homebuyers are then required to pay a deposit of 5 per cent or more, and arrange a mortgage of 25 per cent or higher to make up the remaining amount.

Advert

To be eligible for the scheme, the house must be newly built and worth up to £600,000. Homebuyers are also advised to be able to afford the monthly fee and interest payments, not own any property previously, and cannot sublet or rent out the property after they've bought it.

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.

More Like ThisMore Like This

1 of 6
Life

You Can Now Rent A Christmas Tree

Advert
You Can Now Buy An Upside-Down Christmas Tree If You're Short On Space
Style

You Can Now Buy An Upside-Down Christmas Tree If You're Short On Space

published at20 days ago

"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 home ownership and 82% are first-time buyers. The new Help to Buy builds on this success with first-time buyers in front of mind.

The scheme has helped many get on the property ladder (Credit: PA Images)
The scheme has helped many get on the property ladder (Credit: PA Images)

"We're pleased we can help homebuyers with smaller deposits to own a home, at a time where 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."

Advert

The Help to Buy scheme has been hugely beneficial for young people hoping to get a foot up on the property ladder.

Two-thirds (63 per cent) of the first-time buyers were aged 34 and under, with a quarter of those on the scheme from Black, Asian and minority ethnic backgrounds.

Featured Image Credit: PA Images

Topics: Life News, Home, Life

Chosen for YouChosen for You

Chrissy Teigen Admits She Felt 'Guilty' For Using Formula Milk Instead Of Breastfeeding
published at11 hours ago

Most Read StoriesMost Read

Entertainment

ITV Drops First Look Trailer For New Dating Show The Cabins

published at12 hours ago

Kimberley Bond

Kim is a journalist at Tyla, and has previously worked at the Evening Standard, Radio Times as well as several national newspapers. A showbiz obsessive and a television fanatic, Kim is particularly interested in celebrity gossip, A-list events and the latest releases on either the big or small screen. Contact her at [email protected]