There has never been a better time to buy a new build property!
Any purchasers completing before the 31st March 2021 will benefit from no stamp duty*. The current Help to Buy Equity Loan scheme is also available. Help to Buy (2013 -2021) makes new build homes available to all home buyers (not just first time buyers) who wish to buy a new home, but may be constrained in doing so – for example as a result of deposit requirements – but who could otherwise be expected to sustain a mortgage. The current scheme is open to all buyers seeking a new build home, first time buyers as well as those moving up the property ladder. Help to Buy buyers outside London must be able to fund up to 80% of their selected property through a conventional mortgage and deposit. London Help to Buy buyers must be able to fund 60% of the property through a conventional mortgage and deposit. Buyers must always provide a 5% cash deposit contribution (5% of the full purchase price). Buyers must take out a first charge mortgage with a qualifying lender. The maximum purchase price is £600,000.
The current scheme ends on the 31st March 2021, but you only have until the 15th December 2020 to apply for the current Help to Buy : Equity Loan. The savings this can offer is huge and may be your first foot on the property ladder. Don’t delay and start your property search today! After the 15th December you will not be eligble for the current scheme. You need to reserve a home before this date and complete before the 31st March to be eligible.
Officially starting on the 1st April 2021 a new Help To Buy: Equity Loan (2021 – 2023) for first time buyers only will replace the current scheme and is subject to eligibility, terms and conditions.
*subject to terms and conditions