The Government has recently made some key changes to the Help to Buy scheme, these will be implemented from 1st April 2021 and will run until 2023.
As with the previous scheme, it’s only available in England, it only applies to new homes, built by homebuilders registered for the scheme, the house must be your main residence, and the terms of borrowing remain the same. You can take out an equity loan of up to 20% of the price of your new home, which is interest-free for the first five years. After that, interest is payable. It still requires you to pay a deposit of 5% and arrange a repayment mortgage of at least 25% of the purchase price of your home.
The key changes to the scheme mean that only first-time buyers can access the scheme and regional price capping will be introduced. The price of a new build home in Yorkshire and the Humber will be capped at ÂŁ228,100. Read more. https://www.helptobuy.gov.uk