In the latest Budget, the Chancellor Philip Hammond announced that the Help to Buy scheme would close in March 2023. He also revealed that the current Help to Buy Equity Loan scheme will change from 2021 to try and ensure it is targeted at those who need it most, ie First Time Buyers. He said that the Government does not intend to introduce a further Help to Buy Equity Loan scheme after March 2023*.

What this means for home buyers

Adam Nanson, Managing Director for Your Mortgage Expert comments:

“It’s positive news that the Help to Buy scheme is going to be extended until 2023. It gives more certainty to the market and also enables those looking to buy a house an extended time frame in order to save for a property.

“The scheme will only be available to First Time Buyers from April 2021 and there will be price caps on the value of homes people will be able to buy. So, if people are looking to use the scheme in the future, it’s helpful there is clarification of the rules moving forward. Accessing the scheme can be quite complicated and it’s important that those wishing to use it understand the rules. Therefore we would always advise people to use the services of a mortgage broker who has experience with working with the scheme.”

 How Your Mortgage Expert can help

Adam Nanson continues:

“At Your Mortgage Expert, we have advised many people on mortgages to support house purchases using the Help to Buy scheme. We know the ins and outs of the scheme and understand how these mortgages work, how to apply and can find you the most appropriate deal. We can also help you understand what you can afford and which of the lenders who have signed up to the scheme would be best for you.”

If you are interested in finding out more about the Help to Buy scheme why not contact Your Mortgage Expert. We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.

Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.

You might also find it useful to read the dedicated Help to Buy page on our website. Alternatively, read about Chris, a First Time Buyer from Fareham. Adam Nanson from Your Mortgage Expert helped him to buy a property using a Government backed Help to Buy equity loan scheme.

The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

*source: https://www.mortgagesolutions.co.uk/news/2018/10/29/budget-2018-help-buy-scheme-end-march-2023/

 

 

 

 

Tags: First Time Buyer, Help to Buy