The government’s Help to Buy scheme has been created to help more people take steps to buy a new home. With the scheme, you could buy your Acorn home with a 5% deposit when you complete on your property purchase before 31st March 2021.
How does Help to Buy work?
With a Help to Buy Equity Loan, the Government lends you up to 20% (40% in London) of the cost of your newly built home This means you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
Who is eligible?
The scheme in England is changing. Until April 2021, you could be eligible to buy your first home or your next home with a Help to Buy equity loan. From April 2021 the scheme will be available for first-time buyers only.
Important things to note:
- The current scheme is available on newly built homes with a price of up to £600,000 in England and £300,000 in Wales
- This scheme is not available to buy-to-let investors
- The home you buy on this scheme must be your sole residence