Help to Buy is the new government backed scheme announced as part of the 2013 budget. The scheme is an improvement to the FirstBuy scheme and makes buying a home more accessible.
Help to Buy allows both first time buyers and existing home owners the opportunity to buy a new build home with just a 5% deposit.
Watch our short video here...
So, how does it work?
Under the new scheme, up to 20% of the cost of a new build home is funded by an equity loan. This loan is provided by the government. The loan is interest free for the first five years and is not repayable until you sell the home.
Help to Buy is available on new build homes up to the value of £600,000.
What does this mean for me?
The new scheme means that you will need to obtain just a 75% mortgage to buy a brand new home.
How does this differ from FirstBuy?
Unlike FirstBuy, Help to Buy is available to both first time buyers and existing home owners. There are no income caps under the new scheme.
Help to Buy is available from April 1st 2013 - to start your search for a new build home, click here.