Help to Buy is Changing
From 1 April 2021, Help to Buy (HTB) in England and London is changing. The current scheme offers home movers and first-time buyers the chance to purchase a property up to £600k with a 5% deposit, and an additional Government-backed loan of up to 20%, interest free for five years.
The new scheme is open to first time buyers only and there’ll be regional house purchase price caps.
This means the Help to Buy loan amount a customer can borrow will depend on the area they live in. Joint applications for the scheme must both be first time buyers. This will impact all HTB mortgages completing from 1 April 2021.
Help to Buy agents will start to take applications for the new HTB scheme from 16 December, which is when the new eligibility rules are introduced.
For more information, take a look at the Government dedicated site by clicking this link:
Hope that helps!