Posted in March 2020
From the start of 2020, it was possible to apply for an equity loan from one of the 3 Help to Buy agents that were appointed by the government to provide the scheme in England. These agents are there to support those who have applied for an equity loan.
The Help to Buy agents are there to offer guidance about how to purchase a new build property and to offer support and guidance throughout the process. The agents also provide support based on the geographical area that they cover.
The government have implemented the Help to Buy Equity Loan to support people wishing to get onto the housing ladder.
How this affects you:
If you are due to complete on your purchase in 2020, the government will automatically pass your details on to the new agent to ensure your purchase continues to run smoothly. Depending on when your completion date is, you may not be affected by any of the new government changes that are being made.
New Help to Buy Scheme Announcement:
A new Help to Buy scheme has been announced by the government and is set to run from April 2021. It is restricted to first time buyers and also includes regional property price caps to ensure that the scheme is eligible for those who need it the most. There are no changes to the current Help to Buy equity loan scheme which will run until March 2021.
This new scheme will be running from April 2021 until March 2023. Under the new scheme, the government will be lending buyers up to 20% of the cost of a newly built home and this increases up to 40% in London, which is the same as the current scheme.
For further information on the current scheme please go to:- www.helptobuy.gov.uk
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