What is Help to Buy?
Help to Buy is a government run scheme, which aims to help people get on the property ladder and buy their first home.
With this scheme, homebuyers are now able to purchase a new home with as little as a 5% deposit.
Who uses Help to Buy?
The Help to Buy scheme was introduced to help buyers that can afford monthly mortgage payments but can’t necessarily front the 20% deposit usually needed to buy a house.
The scheme is available to both first time buyer and existing homeowners and can be used to buy a property valued up to £600,000.
With the average first time buyer now aged 37, the Help to Buy scheme should reduce the difficulties young buyers face when buying their first home, and lessen the strain on parents who are faced with helping them out.
What is the Criteria?
To be eligible for the Help to Buy scheme you must:
- Not own/have a share in another property
- Be buying a property up to the value of £600,000
- Have a minimum deposit of 5%
- Be purchasing a property in the UK
- Borrow from a participating mortgage lender. You can find the lenders in the scheme here.
- Not let the property out to anybody else
The Help to Buy: mortgage guarantee scheme will run for three years until 31st December 2016.
Like with any property purchase, we would advise anyone to use the services of a professional, licensed conveyancer during a house move.
Whether you are a first time buyer or an existing homeowner, you can entrust this important purchase to Peter Robinson & Co. Our specialist Conveyancing team are waiting to help you every step of the way.
With 30 years experience in the Conveyancing business and with a dedicated Conveyancing team of friendly experts we will ensure your purchase is as straightforward as possible.
If you are a first time buyer considering a purchase, call us now on 0161 678 7996.