Help to Buy Scheme Deadline Looms for Bedfordshire Home-Hunters
Looking to get financial help with buying a new home in Bedfordshire? Then act soon – or you could miss out.
That’s the advice from Ben Smith, Regional Director for housebuilder Ashberry Eastern Counties, which is based in Huntingdon and is currently building new homes at Chalk Fields in Bidwell and Sycamore Avenue in New Cardington.
The Government’s current Help to Buy scheme will end in March 2021 and although it’s being replaced with a new version of Help to Buy, the new scheme will be much more limited than the offer that’s available now.
At present, Help to Buy allows first-time buyers and people with a home to sell to purchase a new-build home with a five per cent deposit and a 75 per cent mortgage.
The remaining 20 per cent of the price is provided by the Government in the form of an equity loan, which is interest-free for the first five years.
Ben said: “There are good financial reasons for all new house buyers to take advantage of the current Help to Buy scheme while they can.
|Ben Smith, Regional Director for housebuilder Ashberry Eastern Counties|
“The next Government Help to Buy scheme, which will begin in April 2021, is not as wide-ranging as the current one. Firstly, the new scheme will only be available for first-time buyers rather than all home purchasers.
“And secondly, the current scheme is more generous than the new scheme. Instead of a national £600,000 house price threshold, which is currently the case, a regional price cap will be introduced – and that’s down to £407,400 in the East region.”
Since the current Help to Buy scheme was launched in April 2013, it has been used to buy more than 211,000 homes across the UK. Around 38 per cent of all new-build property sales in the UK were supported by loans through the scheme.
And because people don’t have to be a first-time buyer to use the current scheme, some people have used it more than once.
Ashberry Eastern Counties has seen almost 30 per cent of customers using Help to Buy.
Ben said: “All the figures show that the current Help to Buy scheme has been very popular with house purchasers – which of course means they’ve been finding it very useful.
“While the new scheme being launched in 2021 will still be extremely helpful for many first-time buyers, those thinking about purchasing a new home should act now if they want to take advantage of the more generous existing scheme.
“People planning to use Help to Buy could miss out on the best deal – or any deal – if they delay.”
More details can be found at ashberryhomes.co.uk.
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