So, with just 10 months left to take advantage, what do house hunters need to know?
David Thomas, sales director at Tilia Homes, which has developments in North Yorkshire, said: “The Help to Buy equity loan scheme, in all its variations, has proven hugely popular with the latest data revealing that more than 346,000 homes have been purchased since its inception. The updated version was launched last year and aims to help first-time buyers in England access affordable mortgages by allowing them to borrow up to 20% of the value of the property, or up to 40% in London, on an interest-free loan for the first five years. We’re proud to offer Help to Buy at the majority of our developments and have handed over the keys to many first-time homeowners since its inception.”
For those interested in owning a new home using a Help to Buy mortgage, there are certain criteria to meet. They need to be over 18 and a first-time buyer, meaning they cannot own, or have ever owned, a home or land in the UK or abroad. Legal completions must meet the deadline of March 31, 2023. For more details on the scheme, mortgage illustrations or how to apply, visit tiliahomes.co.uk.