17 March 2020

THE government has created various Help to Buy schemes including Help to Buy, Shared Ownership and Help to Buy Equity loan to help you get onto the property ladder and buy your own home.

Help to Buy ISA

The Help to Buy ISA scheme has been set up to provide first-time buyers with a tax-free savings account to save up for a deposit, boosted by a government bonus. The Help to Buy ISA closed for new accounts last year but if you have already opened one you will be able to continue saving into your account until November 2029. When it comes to buying property and using your savings from this scheme, you will need to instruct your solicitor to request that funds are released by the government when you are close to completing on your first home.

Lifetime ISA

If you'd like to save towards either your first home or your pension and you're over 18 and under 40, you can apply for a Lifetime ISA. With a Lifetime ISA you can save up to £4,000 per year and the government will give you a 25% bonus on your savings, and you can do this until you're 50 years old. You can use this ISA to buy any homes (not just new builds) but the home can't exceed the value of £450,000.

Help to Buy Shared Ownership 

If you aren't in the position where you can afford a mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home and pay rent on the remaining share. You can end up buying bigger shares as time goes on. With this scheme you can buy a newly built home or an existing one through resale programmes from housing associations.

Help to Buy Equity Loan 

With this scheme the government lends you up to 20% of the cost of your newly built home (interest-free for the first 5 years), so you'll only need a 5% cash deposit and a 75% mortgage to make up the rest. This scheme is for home movers and first time buyers and is perfect to get involved with if your current home hasn't gone up in value enough to fund your deposit for your next move.

Current developments with Help to Buy available

We have a number of brand new developments that are available to use with a Help to Buy scheme which include;

Other schemes include:

If you would like some free, no-obligation advice on the available Help to Buy schemes, please contact your nearest branch.
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