Although the property must complete by 31st of March 2021 there has been a recent announcement that the application for this financial year has to be submitted for Help to Buy by 15th December. This means that if you are planning to buy a new build home above what will be the new threshold of £437,600, if you are not a first time buyer or if you simply want to benefit from the stamp duty holiday up until end of March there really is no time to waste.
The key benefits of Help to Buy until this date are:
- Currently available for new build properties up to £600,000 that have signed up to the scheme. This is reducing to £437,600 outside of London after 15th December.
- 20% equity loan or 40% in London, interest free for 5 years and nothing else to pay i.e. no rent.
- You do not have to be first time buyer if your application is submitted by 15th December. Not available to investors or anyone owning second property.
- You can put in more than 5% deposit. I.e. if you have 30% equity from previous property + 20% from HTB = 50% mortgage
- Lender views whole deposit added together i.e. 5% deposit + 20% from HTB (interest free for 5 years) =75% loan to value mortgage and the related beneficial interest rates.
For more information, contact us today.