The Help to Buy housing scheme launched in April 2013 to assist homebuyers by offering an equity loan interest free for the first five years of home ownership.
Housebuyers can get a loan of up to 20 per cent of the cost of a newly-built home or 40 per cent in London. For this, buyers only require a five per cent cash deposit and a 75 per cent mortgage to make up the remaining costs.
The current version is available to both first-time buyers and homeowners, providing more affordable options to get onto or move up the property ladder.
As of 1st April 2021, the Government’s Help to Buy scheme will be replaced with a new scheme for first-time buyers only. Any existing homeowners who wish to move using the current scheme could still be eligible if the purchase is completed by March 31 2021.
David Plumtree, estate agency chief executive at Connells, said: “The changes mean that if current homeowners are hoping to use the Help to Buy scheme for their move, they should act quickly, as there is only a short window of opportunity for purchasers to take advantage of the current scheme.
“It is also wise for those hoping to buy a house that is up to a price tag of £600,000 outside of London to act fast as well, since the price threshold will be lowering to between £186,100 and £437,000 outside of London, depending on region.
“We are eager to help as many home-movers as possible to use the scheme before it changes, so please get in touch today to see how we can help, as April 2021 is not too far in the future for the full house-moving process.”
To find out more about the Government’s Help to Buy scheme and the local market, or to arrange a free market appraisal on your home, contact your local Connells branch.