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The Help to Buy scheme was introduced in 2013 and has helped thousands of people get onto the property ladder. The government recently announced changes to the scheme, which will come into effect over the next few years. Here’s more information about the changes and how they might affect you.

About Help to Buy

Several different initiatives make up Help to Buy. They are:

  • Help to Buy ISA: A government-backed savings scheme where for every £200 you save, you will receive a £50 bonus. The government will contribute a maximum of £3,000 towards a deposit for a new home.
  • Shared ownership: You can buy between 25% and 75% of your home and pay rent on the remainder. There’s also the option to buy a greater share from the government at a later date.
  • Equity loan: The government will lend you up to 20% for your new home, so you only need a 5% deposit and 75% mortgage to make up the rest. This is only available on brand new homes.
  • Mortgage guarantee: The government gives lenders a guarantee of up to 15% of a property’s value, so they can offer you a higher loan-to-value mortgage.
‚ÄčAbout the changes

The latest changes to Help to Buy will only affect the mortgage guarantee scheme. Lenders won’t be accepting any new loans from the end of this year, as the government revealed that many are now offering up to 95% mortgages outside of the scheme.

Other aspects of Help to Buy won’t be withdrawn until 2020, including the equity loans. This means that until then, you can still receive an interest-free loan on your brand new home for the first five years, while only paying a 5% deposit.

A helping hand for home building

Home building will become a major focus for the government over the next few years. In addition to the Help to Buy changes, it has also announced plans to support the construction of one million new homes by 2020.

This will be made possible through a £3 billion fund for homebuilders, as well as new measures to speed up building approvals on government-owned land.

To find out more about how Help To Buy can help you buy a Strata home, take a look at our guide or visit your nearest show home. 

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