You may have seen on the news that there are some changes coming to the Help to Buy scheme in April 2021 and might be wondering how they affect you. Here, we break down the upcoming changes and what they mean for your future as a homeowner.
What is Help to Buy?
Help to Buy is a government scheme, which enables or helps people to get onto the property ladder. You will need your own 5% deposit for the property that you want to buy, however you can increase that deposit by borrowing up to 20% of the house value from the government. This is interest free for the first five years.
What is changing with Help to Buy?
From April next year the scheme is only going to be open to first-time buyers, so it's a great opportunity to get on the property ladder with less competition from other people looking to
move as well.
The other big difference is the price cap on the property that you are buying. This varies from region to region right across the country, so make sure that you check your own individual region to find out exactly what the price cap is.
For more information look out for our Help to Buy guide which we will be posting to the blog and our social media channels. Speak to local broker and they will be able to inform you about all the changes and how they affect you.