Help to Buy 2021 is due to bring about many changes to the popular sheme.

New Help to Buy Scheme 2021

March 2021 is due to bring quite a few changes to the Mortgage and property market.

Stamp duty will return for some first time buyers and home movers.

And the new Help to Buy Scheme is due to start, making many who would have been eligible for the old scheme, ineligible.

The new Scheme is due to run from 2021-2023.

The current Help to Buy Scheme

The current Help to Buy Scheme enables First Time Buyers and Home Movers the opportunity to purchase a brand new home for a deposit as little as 5%.

The maximum purchase price permitted was £600,000, meaning people in most areas were able to take advantage.

The main benefit was applicants could apply for a 20% or 40% (in London) Government backed equity loan. 

This would boost there deposit and their Mortgage options greatly and enable those to purchase a home, who may otherwise not be able to.

Help to Buy Changes 2021

The new Help to Buy Scheme for 2021 will only be available to First Time Buyers, and the nationwide purchase cap of £600,000 will be replaced by regional caps.

So if either applicant has ever owned a home, they will not be eligible.

Due to the regional price caps. The amount a customer can borrow on a Mortgage and on a equity loan will be dependent on where they live.

There will be a greater need for applicants to get approval from Homes England and their Local Help to Buy Agent for their equity loan, before even looking into Mortgages.

Mortgage Advisors shouldn’t be submitting applications until after this has happened.

Where before, this wasn’t always necessary.

What are the different types of Help to Buy Scheme

As before the schemes are not UK wide. 

Each individual country controls there own Help to Buy Schemes:

Help to Buy England

Help to Buy Wales

Help to Buy Scotland

In the case of Help to Buy England, Help to Buy will differ depending on what region you are buying in.

 

Our Mortgage Brokers

We work with a variety of Mortgage Brokers which each specialise in different Mortgage Advice areas. When you get in touch, simply select the reason why you’re getting in touch i.e. First time buyer, Bad Credit, Remortgage etc. And we will match you to the Mortgage Broker which Specialises in your circumstances.

All of the Mortgage Brokers we work with are whole of market, fully CeMap qualified, regulated by the FCA, have fair fee policies in place and have consistently great reviews.

Get in touch for a free non-obligatory conversation with one of our Specialist Mortgage Advisors for further information on how they can help you.

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Whether you’re a first time buyer or simply looking to Remortgage. Get in touch with us today, so we can put you in touch with a Mortgage Advisor which Specialises in your case.

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