At Hunters Stoke Newington, we know there has been considerable focus on the housing market recently. The stamp duty holiday has invigorated the property market, and we know many people are looking to engage the market.
However, many first-time buyers feel overlooked in the market, but help is coming.
The new Help to Buy: Equity Loan (2021-2023) scheme is now operational, and available for property buyers. Homes England has stated all first-time buyers interested in new-build homes can apply for the new Help to Buy: Equity Loan scheme.
Stay in touch with what the scheme offers
The key requirements of the Help To Buy: Equity Loan scheme are as follows:
- The Government will provide buyers with up 20% of the cost of a newly built home
- Property buyers in London will receive up to 40% of the cost of a new built home
- Buyers will be required to pay a minimum deposit of 5%
- The buyer should arrange a mortgage of 25% or more to make up the rest of the cost of the property
- The equity loan is an interest-free loan for the first five years
- Eligible first-time buyers can reserve their property from the middle of December 2020
- Buyers will be able to collect their keys and move into their new property from the 1st of April 2021
Housing Secretary Robert Jenrick commented: “The government is providing more ways to help families onto the housing ladder, and provide that life-changing moment when you get the keys to your own home. Alongside First Homes, Shared Ownership and our £12bn investment in affordable housing, our new Help to Buy scheme will help thousands more families take their first step into a home of their own.”
The Help To Buy Scheme has achieved positive results
It is claimed the Help To Buy scheme has assisted more than 270,000 people to buy a home, and 82% of these buyers are first-time buyers.
Will German is the Director of Help To Buy at Homes England, and he said; “The new Help to Buy builds on this success with first-time buyers in front of mind. We’re pleased we can help homebuyers with smaller deposits to own a home, at a time where there are fewer options open to them. Housing, like most sectors, has experienced a slowdown during the Covid-crisis. But Help to Buy continues to give homebuilders the confidence to keep on building at a more crucial time than ever.”
Will also said; “We're pleased we can help homebuyers with smaller deposits to own a home, at a time where there are fewer options open to them. Housing, like most sectors, has experienced a slowdown during the Covid-crisis. But help-to-buy continues to give homebuilders the confidence to keep on building at a more crucial time than ever.”
There is optimism the new Help To Buy: Equity Loan (2021-2023) scheme will assist a greater number of first-time buyers to step on to the property ladder.
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.