What next after Help to Buy ends?

Property experts are calling on the government to support SME builders and boost housing delivery after its Help to Buy (HTB) scheme ended on 31 March, having granted over 375,500 interest-free equity loans.

The scheme was designed to support first-time buyers and boost the housing market by offering interest-free loans with a minimum deposit of 5% to purchase new properties. The government is yet to announce a like-for-like replacement for Help to Buy. Other government schemes are:

• The Mortgage Guarantee Scheme - this makes it easier for people to buy a home with less than 10% deposit by increasing the availability of 95% loan-to-value mortgage deals. It runs until the end of 2023
• First Homes – an initiative to help people buy a new build home at a significant discount (typically 30-50% of its market value). Local key workers and those on low incomes get priority
• Shared Ownership ­­– a combination of buying and renting, where homebuyers can purchase a share of a property and pay rent on the remainder. ‘Staircasing’ allows you to increase your stake 
• Right to Buy­- for people looking to buy a council property they’re currently living in at a discount, which can also serve as your mortgage deposit.

Your home may be repossessed if you do not keep up repayments on your mortgage

For more information - please contact Jess Bell