If you’re a first-time buyer, and haven’t been living underneath a rock for the past few years, you likely already know a LOT about the Help to Buy process.
For those who have been sleeping under your comfy comfy rock since 2013, this is for you!
We get Help to Buy questions on a consistent basis, so here’s the info on the best of them…We get asked this ALL the time, so here’s the scoop people!
It has been confirmed by the government that the Help to Buy equity loan scheme will be extended from 2021 to 2023 – so if you haven’t got yours yet, you should do so as soon as humanly possible.
BIG NEWS though!
The scheme has changed parameters slightly due to this extension. Now, it is only available to first time buyers who are purchasing newly-constructed homes, so you’ll have less choice when trying to find your humble abode.
Also, from 2021, there will be new regional price caps, which will almost certainly result in there being less homes available to purchase via this scheme.
I still think the Help to Buy scheme is a leading way of getting a mortgage for first time buyers, just be wary of the parameters set at the time!
Hi Lewis, I imagine a phrase you have heard a lot recently is ‘renting is dead money.’
This is entirely true. After all, you’ve got a roof over your head, a comfy bed to sleep in, and, I imagine, are quite enjoying the lifestyle that living with your friends provides. So you’re certainly getting some bang for your buck.
That said, we at WMC would always recommend that, if you want to make your money go further, you get your first mortgage.
By owning your home, you have a tangible asset, gain equity, have a financial safety net, and in many cases, it can actually be cheaper to pay.
You should always do what you personally feel is best, but if you’re having second thoughts, don’t hesitate to give us a call and we’ll be here to explain everything!
The outlined definition of ‘first time buyer’ is: “a person buying a house or flat who has not previously owned a home and therefore has no property to sell.”
So you can’t ever have been a homeowner, an investor, or be remortgaging if you want to take advantage of the Help to Buy scheme. This is purely designed to help buyers (particularly young people like yourself) get on the property market.
We hope that gives some dictionary-definition clarity TJ! So that folks, is the Help to Buy scheme in a pinch.
I could quite literally go on all day about the intricacies of the scheme, the changes it is going through and more and more and more… But maybe that’s something to revisit in the future.
What I would recommend is that, if you’re certain you’d get solid use out of the scheme, then take advantage quickly. That way you’ll accumulate extra bonuses and secure your mortgage requirements quickly.
If you need a more personal chat about buying your first home, you know where to find me!