The rules on Help to Buy are changing from 1st April 2021, meaning it will only be available to first time buyers and there will be a cap on the value of the property you can buy, which in the Yorkshire and the Humber region is going to be £228,100.
This guide has been written to help you understand how you can take advantage of the current Help to Buy scheme, whether you are a first time buyer or not, or if you want to buy a home priced at more than £228,100.
How does it work?
The current Help to Buy scheme allows both first-time buyers and existing homeowners, to apply for a 20% equity loan to buy a newly-built home, as long as the property is due to be build complete by 31st December 2020.
The purchase price must be no more than £600,000 and buyers only need a 5% deposit. There is no interest to pay for the first five years on the equity loan, and the loan itself does not have to be repaid for 25 years, unless you sell the property before then.
If you were looking to purchase a new home valued at £200,000 for example, you would need a deposit of just £10,000 and a Help to Buy equity loan of £40,000.
Are there any restrictions?
- You can’t use the scheme to buy a second home or a property to rent out.
- You can only take out a repayment mortgage, not an interest only mortgage.
Help to Buy Plots at Peter Ward Homes
Peter Ward Homes has all of the following stunning homes which are eligible for the current Help to Buy scheme:
Hawling Road, Market Weighton
Plot 1 – The Ellesmere: £285,000 – You could apply to buy this home using Help to Buy with just a £14,250 deposit and a 20% equity loan
Plot 2 – The Ellesmere: £275,000 – You could apply to buy this home using Help to Buy with just a £13,750 deposit and a 20% equity loan
Plot 3 – The Baslow: £235,000 – You could apply to buy this home using Help to Buy with just a £11,750 deposit and a 20% equity loan
Plot 5 – The Westerdale: £350,000 – You could apply to buy this home using Help to Buy with just a £17,500 deposit and a 20% equity loan
Lightowler Close, Cherry Burton
Plot 4 – The Walsingham: £540,000 – You could apply to buy this home using Help to Buy with just a £27,000 deposit and a 20% equity loan.
Plot 6 – The Wells: £480,000 – You could apply to buy this home using Help to Buy with just a £24,000 deposit and a 20% equity loan
Plot 8 – The Wansford: £320,000 – You could apply to buy this home using Help to Buy with just a £16,000 deposit and a 20% equity loan
Speak to us today to discuss how you could own your dream home through Help to Buy.