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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

 

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