Video Savills Help to Buy 2022 advert
Release Date: 2022-08-11
video savills Help to Buy 2022 Advert 2022 • The deadline for reserving your new home using the Help to Buy scheme is 31st October 2022 and all homes must be practically complete by December 2022.
Are you looking to buy a home for the first time, but you are struggling to save up the deposit or afford the mortgage?
At Savills, we understand. The Help to Buy scheme is one way to make it easier to get on the property ladder. We have helped 1000s of buyers through the process of buying property through Help to Buy. If it is your first step on to the property ladder, we understand that the purchasing process is not always straight forward.
Help to Buy offers equity loans to first time buyers (England & Wales only). With a Help to Buy Equity Loan the government lends you up to 20% (15% in Scotland, 40% in London) of the cost of your newly built home, so you’ll only need a 5% cash deposit and 75% mortgage to make up the rest. THE EQUITY YOU RECEIVE FROM THE GOVERNMENT IS INTEREST FREE FOR FIVE YEARS (OR INDEFINITELY IF YOU ARE BUYING IN SCOTLAND)
When we’re speaking to potential buyers using the Help to Buy scheme, they can sometimes be concerned that they have to pay interest on the money that they borrow from the government straight away. This isn’t the case. If you have at least 5% in cash as a deposit, the government lends you a percentage of the purchase price (15% in Scotland, 20% in England/Wales and 40% if you live in London). This is interest free for the first five years or indefinitely in Scotland*. You then borrow the rest from a mortgage provider.
TO QUALIFY
• You must be a first time buyer (England & Wales only)
• You must have spoken to either a lender or independent financial adviser before applying
• Your mortgage must be a repayment mortgage
THE HOME YOU WANT TO BUY MUST:
• Be newly built (from a Help to Buy registered developer)
• Not be a second home
• Not be rented out.
• Be priced within the regional price caps detailed below
PRICE CAPS
How much you can spend on your home will depend on which region it is in. New regional price property caps are detailed below and set at 1.5 times the average forecast regional first time buyer price, with a maximum of £600,000 in London.
North East: £186,100
North West: £224,400
Yorkshire and the Humber: £228,100
East Midlands: £261,900
West Midlands: £255,600
East of England: £407,400
London: £600,000
South East: £437,600
South West: £349,000
To find how much you can borrow please see our Help to Buy Calculator: https://www.savills.co.uk/resources-a...
*The Scottish Government has now closed applications for the Help to Buy (Scotland) Affordable New Build scheme but will still process any existing applications. In Scotland, The Help to Buy Smaller Developers Scheme and LIFT continue to be available to support prospective buyers, details of which are at https://www.gov.scot/policies/homeown.... The list of developers can be found here: https://www.mygov.scot/help-to-buy/re...
If you’re thinking of buying, take the first step and speak to us today more for information. Savills can help to guide you through the process. To find out more go to: www.savills.co.uk/help-to-buy
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Release Date: 2022-08-11