HELP TO BUY SCHEME 2021-2023
Beverley Homes Ltd has the Government backed Help to Buy Scheme available.
The Scheme is available to all first time buyers and will be for sales that complete after 1st April, 2021.
So how does the Scheme work?
The Government will lend you up to 20% of the cost of your new build home (40% in London) so you will only need a 5% deposit and 75% (55% for London properties) mortgage to make up the rest.
There are no repayments on the loan for the first 5 years of owning your home, which allows you to take advantage of better interest rates and helps your move on to the housing ladder. The Help to Buy equity loan can be repaid at any time or when the property is sold.
Could you be eligible?
If you can answer yes to the following points you may be eligible:-
- If the purchase price is less than the relevant cap for your region.
- You have never had an interest in any other property abroad or in the UK.
- You have a deposit of 5% or more.
Please see below a table showing the price caps by region:-
| REGION | PRICE CAP |
|---|---|
| North East | £186,100 |
| North West | £224,400 |
| Yorkshire and The Humber | £228,100 |
| East Midlands | £261,900 |
| West Midlands | £255,600 |
| East of England | £407,400 |
| London | £600,000 |
| South East | £437,600 |
| South West | £349,000 |
All loans are subject to availability, status and require a financial assessment in accordance with the Homes and Communities Agency guidelines.
Help to Buy is designed to provide affordable long term ownership with reduced income multiples.
Further information on the scheme can be found on www.helptobuy.gov.uk along with their contact information or download the guide for the scheme here.