Designed to help aspiring homeowners step onto the property ladder, the government’s Help to Buy scheme will soon no longer be available. We’ve shared the important information you need to know so you can benefit from the scheme before the October cut off.
What is Help to Buy? Help to Buy is the government’s equity loan scheme, through which buyers pay a 5% deposit and the government lends 5-20% of the value of their new home (outside of London).
Who is Help to Buy for? Since December 2020, the scheme has been available to first-time buyers only and there are regional price caps for qualifying properties.
Do you have to pay back a Help to Buy loan? Yes, the Help to Buy scheme offers a first-time buyers a loan which is interest-free for 5 years. You can pay the loan back at any time, but if you choose to sell the property you’ve purchased using the loan, or you’ve paid off your mortgage, you will be required to pay back any outstanding amount on your Help to Buy loan.
IMPORTANT DATES Help to Buy is closing at the end of March 2023. For your purchase to be completed using Help to Buy, you must submit your application by 6pm on 31st October 2022. Reservations made on new homes after this date will not be accepted for Help to Buy.
Unlocking the door to your own property is a life-long dream for many of us in the UK, and here at Dandara, we’ve had the pleasure of handing over the keys to a huge number of customers thanks to the scheme. We recommend anyone who’s in the process of saving for their first home to consider using the Help to Buy scheme and see if it’s right for them.
Cricket lover, Tim Royall, 33, was bowled over by the opportunities Help to Buy provided him with in the area he grew up. Together, with his girlfriend, Sofia, they purchased a £500,000 two-bedroom apartment at Dandara’s New River View development in Winchmore Hill, London. Read all about their experience using Help to Buy here.
Help to Buy available to first time buyers on a wide range of Dandara properties in the South of England. Use our Help to Buy calculator to find out how the scheme could work for you.
Help to Buy: Equity Loan: Terms and conditions apply. Applicants should seek independent financial advice, and get information and guidance on applying for a Help to Buy: Equity Loan at www.helptobuy.gov.uk.