What is help to buy?
What is the help to buy scheme and how does it differ from the firstbuy scheme?
Asked on Apr 12 2013,
New Homes in London |
Help to Buy is essentially an extension of the scheme the government introduced last year as a way to get more people moving homes. As you will know, NewBuy was a plan that allowed first time buyers the chance to get themselves a house without a large deposit, needing as little as five per cent to find themselves a mortgage.
One part of the Help to Buy announced at this year's budget is the same as this, except is has been extended to include people who are looking to move house as well as newcomers. It is important to note that it is only open on new homes.
The other side of Help to Buy will be the governmental assistance of up to 20 per cent of the value of a home with the mortgage equity loan scheme. This can be used to purchase either new or existing housing stock, with the loan not having to be repaid until further down the line.
You can find detailed ins and outs of the new schemes on the government website by following the link below. On here you will find release dates for the schemes and other information such as how to qualify.
Web reference: http://www.hm-treasury.gov.uk/10012.htm
Answered on Apr 15 2013,
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