shirley@smart-homes.co.uk
Help to buy ending March 2023
10 months to go until the current Help to Buy first-time buyer scheme ends in March 2023.
The Help to Buy scheme offers an equity loan where the government lends first-time buyers in England money to buy a newly built home.
Help to buy price cap for the West Midlands is £255,600
What happens next?
First time buyers who want to take advantage of the governments Help to Buy scheme will have to reserve a property by the end of October, two months earlier than had been expected. This new deadline is to ensure buyers have enough time to complete their purchase by 31st March 2023.
Can I apply for Help to Buy?
You must be:
- 18 or over
- A first-time buyer
- Able to afford the fees and interest payments
You cannot get the equity loan if you have ever:
- Owned a home or residential land in the UK or abroad
- Had any form of sharia mortgage finance
- Own a home bought with other people or inherited
- You are married or in a co-habiting relationship, either now or on legal completion with anyone who owns or has owned a home or land anywhere in the world
- You are buying a second home
The property must be:
- A new build
- Sold by a Help to Buy registered homebuilder
- The only home you own and live in
You’ll need to:
- A fee to reserve your home
- Pay a minimum deposit of 5% of the property purchase price
- Other fees on completion (stamp duty, legal fees and mortgage fees)
- Arrange a repayment mortgage of at least 25% of the property purchase price
Our New Homes division have a few developments that have properties available to purchase with the Help to Buy scheme:
- Broadoaks, Solihull – prices start at £200,000
- Treadwell Court, Shirley – prices start at £175,000
- Swan Court, Yardley – prices start at £171,000
- Equipoint, Yardley – prices start at £143,0000
Don’t miss out on buying your first home with the government backed Help to buy scheme!
To learn more about our developments please visit: https://www.smart-homes.co.uk/new-homes-portfolio