From 1 April 2021 the current Help to Buy scheme will be replaced with a new scheme for first time buyers only.
The current Help to Buy Equity Loan scheme, which is currently available for second movers and beyond purchasing a new build home with an interest free loan for up to 5 years of up to 20% of the purchase price , will come to an end in March 2021.
Currently, both first time buyers and existing homeowners purchasing a new build home can use the Help to Buy Equity Loan for properties up to the value of £600,000.
We would advise anyone looking to purchase a new Mulgrave home using the current Help to Buy Equity Loan, to do so without delay so they can take full advantage of the current scheme.
How will the new Help to Buy Scheme work?
The new Help to Buy scheme will be for first time buyers only.
The new scheme will also be subject to regional price caps, which means that the amount you can purchase a home for when using the scheme is dependent on where in England you are purchasing a home.
For properties in Yorkshire and The Humber, the Help to Buy scheme will be eligible for any property up to £228,100 purchased by first-time buyers. The purchasers will eligible to a loan of up to 20% of the property price.
If you have any queries about the current and future Help to Buy schemes, please contact our Sales Team by emailing email@example.com.