New changes to the Government’s Help to Buy* scheme have recently come into force which now mean the incentive can only be used by first-time buyers.
Introduced on 16th December, the new-look equity loan scheme will apply to a home that is due for completion on or after 1st April next year.
Other changes to the scheme will see the introduction of a regional price cap.
The new rules say that first-time buyers can use Help to Buy if they are spending between £186,100 and £437,600 (or £600,000 in London) on their new home, depending on where it’s located.
Linden Homes will have hundreds of properties across Yorkshire that will qualify and sales director Steve Woomble has some important advice for new home buyers in 2021. He said: “We have some fabulous new homes at locations across the north, south, east and west of the region – and the Help to Buy Equity Loan scheme puts them within financial reach of many first-time buyers who may otherwise not be able to step onto the housing ladder.
“We would urge anyone interested in a brand new home for 2021 to visit the website in the first instance where we have virtual tours of many properties, and lots of local area information which potential buyers can access from the comfort of their own home.
“Our staff have adapted to new ways of working over the past few months, and there are many Covid-safe ways of making contact with the Linden Homes sales teams; either via phone, email or video calls.
“Using any down time over the festive break to start or resume your search for a new home is perfect; and there are other incentives that can be used alongside Help to Buy to further curb the cost of moving; like the Stamp Duty holiday which ends on 31 March 2021 and our extended key worker scheme which runs to the end of the year.”
Through the Help to Buy Equity Loan scheme, customers require a minimum five per cent deposit. The government will lend buyers up to 20 per cent of the value of their property through an equity loan, which can be repaid at any time, or on the sale of their home. Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society. The maximum home purchase is £600,000.
|Typical Linden Homes street scene. The new
look Help to Buy scheme is now
limited to first-time buyers
Contact: Cetti Long, Media Matters, 01733 371363; email@example.com
08 January 2021
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