News
07/08/2020
Help to Buy scheme extended for new home buyers – it’s time to act
It’s said that all good things must come to an end and, sadly, the Government’s Help to Buy: Equity Loan scheme will cease for all but first-time buyers in 2021 – however the Government has now announced there will be a brief extension of the existing scheme to cover building delays caused by the coronavirus pandemic.
Under this scheme, all eligible new homes would have to have been finished by the end of 2020, but that date has now been extended to 28th February 2021; the deadline for completion will remain 31st March 2021.
The Help to Buy scheme been a game-changer for many homebuyers who might otherwise have been unable to afford to get onto or move up the property ladder. Since it was launched on 1st April 2013, the equity loan scheme has seen over 272,000 property sales completed – but now things are changing and you should act now to benefit from the huge cost savings on offer.
FROM APRIL 2021 HELP TO BUY IS FOR FIRST-TIME BUYERS ONLY!
The current scheme will be replaced by a new Help to Buy scheme on 1st April 2021 and will run until March 2023 – here are the key points:
- Help to Buy will only be available for first-time buyers
- You’ll still need a deposit of 5% or more
- You can borrow up to 20% of the sale price (40% in London)
- Property prices will be capped according to your region – the South East will drop to £437,600 from £600,000 applicable under the existing scheme.
Don’t miss out on Help to Buy at North Stoneham Park
All new homes at North Stoneham Park are eligible for Help to Buy and, with our four and five-bedroom homes exceeding the regional cap under the new scheme’s terms, we’re urging all prospective purchasers to secure their dream home as soon as possible to avoid missing out.
As the COVID-19 restrictions continue, our Sales team is conducting viewings of our show homes and meetings by appointment only – if you’d interesting in joining our delighted purchasers, please call us on 023 8001 1620 to book. We’re open 10am to 5.30pm, seven days a week.