Help to Buy is a government scheme first announced in the March 2013 Budget. It is designed to help anyone struggling to save a deposit for their first home or move up the property ladder as they have limited equity.
The scheme can seem overwhelming and complicated so below are seven quick facts you may not know about Help to Buy and could help you to understand if you could qualify.
1. The scheme is not just for first time buyers 2. It is not shared ownership – you own 100% of the property 3. There is no interest to pay for the first 5 years 4. Help to Buy can be used on qualifying properties up to £600,000 5. The scheme enables you to purchase a new build property with only 5% deposit 6. Around 140,000 families have used Help to Buy to purchase their home 7. You can pay back the loan at any point but are only required to do so when you sell the property (or at 25 years, whichever is sooner)
Do you need to know more? Click on the link and read all the information from the government.