Homebuyers in West Yorkshire are being urged to consider the benefits of Help to Buy in advance of changes to the scheme coming into effect from next year.
The Help to Buy scheme, which has been extended by the Government for first time buyers until 2023, can help those struggling to get on the ladder to invest in a beautiful brand new Harron home.
However, the changes will mean existing homeowners will be unable to advantage of the scheme after March 2021.
Help to Buy, which first came into effect in September 2009, allows people with a five per cent deposit to borrow 20% of the purchase price of their property, interest free for the first five years. It is available on all newly built properties up to the value of £600,000.
The primary change due to come into effect is that the scheme will no longer be available to existing homeowners – from April next year only first-time buyers will be eligible.
There may also be regional price caps introduced within the new scheme which could reduce the maximum value of properties that can be bought through the scheme. The government is yet to announce further details on this, but Harron Homes sales executives are staying abreast of the news to ensure they can always inform and advise you effectively.
The changes to the scheme include the following:
From April 2021 you won’t be able to apply for Help to Buy if you’re already a homeowner. As before, you also won’t be eligible for the scheme if you’re trying to purchase a second home or a property to rent out.
If you utilise Help to Buy, you can only take out a repayment mortgage.
The current Help to Buy scheme is only for homes built by February 2021 and legally completed by 31st March 2021.
“Help to Buy has been a vital scheme for so many people over the years, and we’re encouraged to see that the Government has extended it for at least the next couple of years,” says Kelly Booth, Director of Sales and Marketing for Yorkshire. “The scheme gives buyers the opportunity to get on or up the ladder sooner.
“However, we’re aware that some people who may have wished to utilise the scheme may no longer be able to. Our advice to those people is to talk to our expert sales executives – we have a number of home mover schemes which may help you to bag your dream home.”