Owning your own home can be a distant dream for many buyers, with affordability proving to be a stumbling block.
But, Help to Buy is proving to be the solution for an increasing number of prospective homeowners, as Bloor Homes’ Regional Sales Director, James Clark explains: “Buying a home with the government-backed Help to Buy scheme is incredibly straightforward.
“If you’re saving for a deposit, it’s a good idea to get into the habit of saving regularly; whatever you can afford, it all adds up. Set yourself targets of how much money you’d like to save within certain timeframes.”
Want to find out more about the Help to Buy scheme? See some of the key points here:
- Help to Buy is available across all Bloor Homes developments in England on homes worth up to £600,000. The maximum price will depend on where you’re buying. For example, in London, the maximum property price eligible for Help to Buy is £600,000. In the North West, however, it’s £224,000.
- Help to Buy is a government-backed scheme that enables buyers to purchase a property with just a 5% deposit and 75% mortgage. The remaining 20% of the purchase price is provided as an equity loan, which is interest free for the first five years. From year six, interest of 1.75% is payable and will rise annually by RPI inflation plus 1%.
- The equity loan provided by the government is up to 20% of the value of the property.
- Existing homeowners can use Help to Buy, however they must have sold their existing property before completing their Help to Buy purchase.
- The scheme was due to end in 2021, but the Government has extended the scheme until 2023, however this will just be for first-time buyers and a regional price cap will be introduced.
- There is no buy-to-let option within the scheme. It is only available to purchasers using the property as their main residence.
- Repayment mortgages are the only option with this scheme.
- Your home may be repossessed if you do not keep up payments on a mortgage or any other debt secured on it
Help to Buy is a government-backed scheme that enables buyers to purchase a property with a 5% deposit and 75% mortgage. The remaining 20% of the purchase price is provided as an equity loan, which is interest free for the first five years. From year six, interest of 1.75% is payable and will rise annually by RPI inflation plus 1%.
Help to Buy is available at all Bloor Homes developments and is helping many buyers to finance their new homes. Prospective buyers can speak to the developments’ sales advisors to find out more about how Help to Buy could help them.