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News & events
Clare Hallett is a Conveyancing Partner at Frettens. In this article she looks at the new help to buy equity loan scheme and the changes that come with it.
The help to buy equity loan scheme was first introduced back in April 2013; and was open to both home movers and first-time buyers but was restricted to newly built houses.
The new equity loan scheme only includes first time buyers; and regional property price cap restrictions have been put in place.
Click here to read about the regional price caps.
Just like the current help to buy scheme, the new strategy will lend buyers up to 20% of the cost of a newly build property (40% for London properties). Of course, this requires a deposit of at least 5% of the purchase price (purchase price limit is up to £600,000).
The current help to buy strategy ends on March 31st 2021, passing the torch to the new equity loan scheme which commences from April 1st and is set to run until March 2023.
Yes, current homebuyers who have submitted a help to buy prior to 15 December 2020 have until 31 May 2021 to legally complete their purchase.
The current help to buy scheme, set to expire March 31st, had received scrutiny; as people who could afford to buy a home had been taking advantage of the 20% loan. According to Government data, 13,000 people with an annual household income of over £100,000 have used the Help to Buy Scheme.
However, the new scheme changes this; limiting it's use to only first-time buyers.
Another reason why the equity loan scheme has been changed is due to the suspicion that developers have been overcharging buyers for homes bought under the scheme. This has led to the introduction of regional price caps, outlined below.
Region | Maximum Price |
---|---|
North East | £186,100 |
North West | £224,400 |
Yorkshire & The Humber | £228,100 |
West Midlands | £255,600 |
East Midlands | £261,900 |
South West | £349,000 |
East of England | £407,400 |
South East | £437,600 |
London | £600,000 |
As mentioned previously, to be eligible for the scheme you must:
The Government have outlined that before applying you must have the funds for:
Yes, first-time buyers who are eligible for the scheme can apply right now. Once a buyer's place is reserved under the new strategy, they can move in when the scheme officially launches (1st April).
If you are looking to move and have a question about conveyancing costs or the new help to buy scheme, don’t hesitate to get in touch. One of our bright team will be more than happy to answer your questions or provide you with a quote.
Alternatively, you can use our quick conveyancing calculator or read Kym Gaisford’s guide to conveyancing costs here.
The content of this article, blog or video is not intended as specific legal advice. For tailored assistance, please contact a member of our team.