Conveyancing- Help to buy scheme extended to 2023 for first-time buyers

It is an exciting time for first-time buyers to fly the nest and get onto the property ladder and eventually own home, however with the excitement also comes worry, as it can also be quite a daunting and emotional process for younger buyers due to the responsibilities it brings (particularly financial).

Great news for first time buyers as the government is extending the help to buy scheme to 2023 for first time buyers. The scheme aims to help struggling buyers onto the property ladder by offering loans of up to 20% of the property’s value to people with a 5% deposit. They then take out a mortgage for the remaining 75% from a participating mortgage lender.

Help to Buy was meant to end in 2021 but will now run until 2023 when it will then be stopped altogether.

The government said the extended scheme (from 2021) will be restricted to first-time buyers only and to houses with a market value up to new regional price caps, including £186,100 in the north east stretching up to £600,000 in London.

Brad Whiteley, Senior Property Lawyer at our Paradise Square Office commented “It’s good to see that the government have extended the help to buy scheme. Over the recent years we have clearly seen more and more first time buyers taking the step onto the property ladder.

“We are always excited to see new buyers taking the step onto the property ladder. The Governments help to buy schemes have been a well needed help for some of our client’s and we are sure that they will be happy to see the extension.

If you would like more information about the Help to Buy Scheme or any other expert property advice, please do not hesitate to contact Brad Whiteley, Senior Property Lawyer, on 0113990092 or alternatively you can email brad@taylorbracewell.co.uk