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How does the new scheme differ from the old one?
Help to Buy Equity Loan scheme (2021-2023) will be restricted to first-time buyers only and will introduce regional price caps on homes eligible for the scheme.
Buyers will have to use a Help to Buy mortgage to fund the remaining cost of the property and must pay a minimum five per cent deposit for the house. The loan will be interest-free for the first five years, with interest starting at 1.75% thereafter and will rise each year in April by the Consumer Prices Index (CPI) plus 2%.
Existing scheme deadlines
The existing scheme will close to new applications on 15 December. Those applicants will then have just over three months to complete their purchases with the deadline being 31 March 2021.
Submit your client's application on the impact portal ASAP.
Remember, we also have Help to Buy mortgage lenders who will cater for those clients who may have had a credit blip in the past.
Speak to the impact team on 01403 272625 to find out more.
