March 22, 2016
Last year the government created the Help to Buy Scheme to help first time buyers buy their first home. The scheme was introduced in 2 phases with the first phase being the Equity Loan Scheme, which became available from April 2013, and the second phase the Mortgage Guarantee Scheme which was brought forward from January 2014 to October 2013.
The first phase of the Scheme proved a great success and in the 2014Budget the government announced that the Equity Loan Scheme is to be extended for a further 4 years and will be available until 2020. The government feels that the extension will create the opportunity for another 120,000 homes to be built in the UK. The Scheme remains open to buyers of new build properties only, up to the purchase price of £600,000 and offers equity loans up to 20% of the purchase price. This means that a property can be purchased with as little as a 5% deposit, together with a mortgage for the remainder of the purchase price.
Although the second phase of the Scheme, the Mortgage Guarantee Scheme, was introduced shortly after the Equity Loan Scheme and was available for existing properties as well as new builds, the second phase has not proved to be as successful with only a few of the high street lenders actually signing up to the scheme. This phase has not been extended and will cease to be available after December 2016.
BHW Solicitors have helped a number of clients move into their first home under the Help to Buy Scheme and understand the legal procedures which follow to make the move as stress free as possible. If the builders of the new house you have seen are offering the Help to Buy Scheme then please do feel free to call us.
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