A first-time buyer who is wanting to own a brand new home may need a little bit of financial assistance. The UK Government provide quality financial help for new build homes to ensure the country is providing adequate levels of housing stock and so that you have a choice in the type of property you want to own.
From April 2021 to March 2023 all first time-buyers in England can apply for a government-backed equity loan of up to 20% of the value (40% in London) of all newly built homes.
Phase 3 of Help to Buy will be available from April 2021 until March 2022 with a cap on homes with a market value exceeding £250,000. Homebuyers will need to meet affordability criteria to borrow the equity loan.
The existing scheme, Phase 2, will close to applications at 5pm on 31st March 2021. For properties to be eligible for Phase 2 funding they must be practically and legally completed by the 23rd December 2021.
From April 2021 to March 2023 all first time-buyers in England can apply for a government-backed equity loan of up to 20% of the value (40% in London) of all newly built homes.
Phase 3 of Help to Buy will be available from April 2021 until March 2022 with a cap on homes with a market value exceeding £250,000. Homebuyers will need to meet affordability criteria to borrow the equity loan.
The existing scheme, Phase 2, will close to applications at 5pm on 31st March 2021. For properties to be eligible for Phase 2 funding they must be practically and legally completed by the 23rd December 2021.
You can use a Lifetime ISA (Individual Savings Account) to buy your first home or save for later life. You must be 18 or over but under 40 to open a Lifetime ISA.
You can put in up to £4,000 each year, until you’re 50. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
Remember both England and Wales Help to Buy equity loans have an interest-free period of five years. After this time accrued interest will be set against the loan and you will continue to pay until you have repaid the full amount. Speak with one of our trained advisors about a new build home in North Wales.
Help to Buy Wales has now introduced a Property market value price capped at £250,000
The shared equity loan needs to be repaid within a total of 25 years. You are free to pay off the shared equity loan at any point within that period. You can repay either a proportion of the loan you received, or the loan in its entirety, without selling the property.
When you buy your home your solicitor will apply for your government bonus on your behalf. The monies from Help to Buy is transferred at the completion of the property.
You can use a Lifetime ISA (Individual Savings Account) to buy your first home or save for later life. You must be 18 or over but under 40 to open a Lifetime ISA.
You can put in up to £4,000 each year, until you’re 50. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
Remember both England and Wales Help to Buy equity loans have an interest-free period of five years. After this time accrued interest will be set against the loan and you will continue to pay until you have repaid the full amount. Speak with one of our trained advisors about a new build home in North Wales.
The shared equity loan needs to be repaid within a total of 25 years. You are free to pay off the shared equity loan at any point within that period. You can repay either a proportion of the loan you received, or the loan in its entirety, without selling the property.
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