Help to Buy update
Four weeks left to apply for the current scheme
Because we deal exclusively with new build properties, potential buyers have access to the London Help To Buy Equity Loan scheme when they choose Stone Real Estate to find them their dream home, but there are only four weeks left until applications close for the current scheme.
What is Help to buy?
Help to Buy is a Government backed scheme to help hopeful applicants become proud homeowners by offering more manageable deposits (as little as 5%) and a guarantee that they won’t need to pay interest on the equity loan for the first five years after moving in.
Under the scheme, the Government provides a loan of up to 40% of the purchase price, with a maximum price of £600,000 in London, to help buyers struggling to raise the full deposit. The current scheme is available to both first-time buyers and current homeowners and is offered at a number of participating banks including Lloyds, Santander, Nationwide and others.
Since it was introduced in 2016, the London ‘Help To Buy’ scheme has surged in popularity. With around 24,000 properties having been purchased in London through the scheme, it has had a considerable impact on providing hard working people with the means to purchase the home they deserve.
What is changing?
Under the current scheme, both first-time buyers and previous homeowners who no longer own a property can apply. From 1 April 2021, this will change and equity loans will only be available to first-time buyers.
The scheme will end completely on 31 March 2023.
The current version of the Help to Buy Equity loan scheme will end on 31 March. The key deadlines are as follows:
- You must apply for the scheme by 15 December 2020
- Homes purchased under the scheme must be built by 28 February 2021
- And the sale must be completed by 31 March 2021
Coronavirus extension: If you reserved your home by 30 June 2020, but construction has been delayed by coronavirus, you have a little more time: The deadline for your home to be built is 30 April 2021, and the sale must be completed by 31 May 2021.
Find a Help to Buy property:
Our current listings stretch across several London locations with many offering ‘Help To Buy’ as an option for applicants and an accessible route to owning a home in London.
Any interested applicants should book an appointment with one of our Area Geniuses to discuss ‘Help To Buy’ in more detail and explore the variety of options available.
View our current help to buy properties here.
Where to go for more information:
For more information on how to apply for the scheme, visit the Help To Buy website.
My experience with Stone was very pleasant. Ellis was very attentive, professional and on time. He answered all my questions, was very knowledgeable on what he was selling and it felt more like a friendly honest chat rather than an aggressive sales pitch. I recommend Stone to everyone.
Professional and friendly service from Laurence Cook who looked after us. He understands and focuses on the most essential parts of our requirements, and make relevant recommendations. Laurence would follow-up diligently but without being pushy. I'd recommend Laurence at Stone Real Estate for anyone looking for a new property.
Very caring and professional team, especially Tom Hilder. They take the time to understand my needs and requirements, and help me to make my decision on one of the biggest purchases in my life! I would highly recommend them for anyone looking for buying a property.