{"id":6540,"date":"2023-05-29T19:30:46","date_gmt":"2023-05-29T19:30:46","guid":{"rendered":"https:\/\/www.credit-score.com\/blog\/?p=6540"},"modified":"2023-06-01T22:16:00","modified_gmt":"2023-06-01T22:16:00","slug":"the-ultimate-guide-to-understanding-the-help-to-buy-scheme","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-understanding-the-help-to-buy-scheme\/","title":{"rendered":"The Ultimate Guide to Understanding the Help to Buy Scheme"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">In 2013, the Government introduced Help to Buy, a scheme to assist first-time buyers in purchasing their first property. The scheme&#8217;s final iteration, which stopped accepting applications on October 31st, 2022, ended on March 31st, 2023, and was exclusively open to first-time buyers. A previous version of the scheme also allowed existing homeowners struggling to climb the property ladder to participate.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The Help to Buy scheme originally consisted of three components:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 This message concerns a mortgage guarantee available for people purchasing either new build properties or previously lived-in homes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 The Equity Loan is only available for properties that are newly built.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 The Help to Buy ISA is a program designed to assist individuals in saving for their first property.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-understanding-the-help-to-buy-scheme\/#Help_to_Buy_Mortgage_Guarantee\" >Help to Buy: Mortgage Guarantee<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-understanding-the-help-to-buy-scheme\/#Help_to_Buy_Equity_Loan_mortgages\" >Help to Buy: Equity Loan mortgages<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-understanding-the-help-to-buy-scheme\/#How_the_last_version_of_the_Help_to_Buy_equity_loan_scheme_worked\" >How the last version of the Help to Buy equity loan scheme worked<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-understanding-the-help-to-buy-scheme\/#Help_to_Buy_repayment\" >Help to Buy repayment<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-understanding-the-help-to-buy-scheme\/#i\" >&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-understanding-the-help-to-buy-scheme\/#Was_Help_to_Buy_only_for_new_builds\" >Was Help to Buy only for new builds?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-understanding-the-help-to-buy-scheme\/#i-2\" >&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-understanding-the-help-to-buy-scheme\/#Was_Help_to_Buy_worth_it\" >Was Help to Buy worth it?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-understanding-the-help-to-buy-scheme\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-help-to-buy-mortgage-guarantee\"><span class=\"ez-toc-section\" id=\"Help_to_Buy_Mortgage_Guarantee\"><\/span>Help to Buy: Mortgage Guarantee<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Mortgage Guarantee scheme, which assisted buyers with a 5% deposit by allowing lenders to provide additional 95% LTV mortgages, ended in 2016 but was reintroduced in April 2021.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lenders offering mortgages receive a guarantee from the government covering some of their losses if a borrower defaults on a mortgage within the first 7 years of buying their home.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The scheme is scheduled to end on December 31st, 2022.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-help-to-buy-equity-loan-mortgages\"><span class=\"ez-toc-section\" id=\"Help_to_Buy_Equity_Loan_mortgages\"><\/span>Help to Buy: Equity Loan mortgages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Help to Buy Equity Loan scheme allowed home buyers to obtain a Government loan, a mortgage and a 5% deposit to purchase a newly-built property worth up to \u00a3600,000. The scheme didn&#8217;t limit the buyer&#8217;s income, making it possible for people with high salaries to apply.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The scheme required residents of England to provide a 5% deposit for a property sold by a builder who had registered for the program. The government provided a non-interest bearing loan of 20% of the property price for the first five years. This meant buyers only had to secure a mortgage for the remaining 75% of the property value, reducing their monthly payments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once the five-year interest-free period ends, buyers will be charged interest on their government loans at a rate of 1.75%. This interest rate will increase annually by the inflation rate, as measured by the Consumer Prices Index (RPI), plus an additional 2%. Homeowners can choose to repay their Help to Buy loans at any time, but they must complete the repayment within 25 years or when they move out.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-the-last-version-of-the-help-to-buy-equity-loan-scheme-worked\"><span class=\"ez-toc-section\" id=\"How_the_last_version_of_the_Help_to_Buy_equity_loan_scheme_worked\"><\/span>How the last version of the Help to Buy equity loan scheme worked<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Help to Buy equity loan scheme, which took effect in April 2021, allowed first-time buyers to purchase properties worth up to the new regional price limits using a 5% deposit. The final version of the scheme was only available to first-time buyers. The regional price caps are displayed below.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>New Help to Buy regional property price caps<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Between April 2021 and March 2023, eligible properties will have a price cap under the Help to Buy Equity Loan scheme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Region Cap<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">North East \u00a3186,100<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">North West \u00a3224,400<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yorkshire and The Humber \u00a3228,100<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">East Midlands \u00a3261,900<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">West Midlands \u00a3255,600<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">East of England \u00a3407,400<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">London \u00a3600,000<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">South East \u00a3437,600<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">South West \u00a3349,000<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source: HM Treasury analysis<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Like the previous program, the government provided interest-free loans of up to 20% of the property value for the first five years, followed by an interest rate. The recent program stopped accepting applications in October 2022, and buyers must complete their home purchases by March 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In London, homebuyers could receive a government loan worth up to 40% of the property value. With a 5% deposit, they only need a mortgage for 55% of the property value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the same way as the Help to Buy scheme outside of London, the loan is interest-free for the first five years. However, in the sixth year, buyers are charged interest at a rate of 1.75%. After that, the fee increases by 2%, along with any increase in the Consumer Prices Index measure of inflation. Importantly, even if the CPI decreases, the equity loan part of the mortgage will still have a minimum loan fee of 1%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-help-to-buy-repayment\"><span class=\"ez-toc-section\" id=\"Help_to_Buy_repayment\"><\/span>Help to Buy repayment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Help to Buy mortgages operate like standard mortgages, where buyers make monthly payments for a fixed term until their mortgage is fully paid or their home is sold. Under this scheme, buyers are only required to pay an administration fee of \u00a31 per month for the equity loan during the initial five years. After that period, they will be charged interest fees that start at 1.75% of the loan and increase every year depending on the Consumer Prices Index (RPI) inflation rate, plus an additional 2%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To repay your loan early, you must make a minimum payment of 10% of the current value of your property. Before paying, you need to have your property evaluated by a surveyor to determine the exact amount you need to pay. You may also have to pay an administration fee of about \u00a3200 when partially or completely repaying your Help to Buy equity loan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\"><span class=\"ez-toc-section\" id=\"i\"><\/span>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-was-help-to-buy-only-for-new-builds\"><span class=\"ez-toc-section\" id=\"Was_Help_to_Buy_only_for_new_builds\"><\/span>Was Help to Buy only for new builds?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You would not be eligible to apply for the equity loan under the Help to Buy scheme if you were planning to purchase a pre-owned property, as this option is only available for new build properties valued at \u00a3600,000 or less.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h--1\"><span class=\"ez-toc-section\" id=\"i-2\"><\/span>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-was-help-to-buy-worth-it\"><span class=\"ez-toc-section\" id=\"Was_Help_to_Buy_worth_it\"><\/span>Was Help to Buy worth it?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Help to Buy equity loan benefited first-time buyers who struggled to save up a deposit greater than 5%. In addition, the competitive mortgage rates of the Help to Buy equity loan eased the burden of monthly payments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Please note that the scheme had limitations, as it only allowed the use of funds to purchase newly built homes, which may not have been suitable for everyone. As the scheme is no longer accepting applications, it is essential to consider alternative options like 95% and guarantor mortgages if you are a first-time buyer. Seeking guidance from a professional can help you identify which option is suitable for your needs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Scotland Help to Buy scheme<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Help to Buy (Scotland) Affordable New Build scheme was available for new build homes costing up to \u00a3230,000 for purchases completed on or before the end of March 2017, \u00a3200,000 for purchases completed before the end of March 2018 and \u00a3175,000 for purchases completed before the end of March 2019. The scheme ended in March 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To buy a property with the Scottish Government&#8217;s equity stake program, buyers must deposit approximately 5% of the property&#8217;s purchase price. The government would then offer an equity stake of up to 15% of the property value. The total of the mortgage and deposit had to be at least 85% of the total purchase price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To be eligible for the program, purchasers had to secure a mortgage from a participating lender that followed a repayment plan and covered at least 25% of the property&#8217;s value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buyers who could afford to purchase a home without the Government&#8217;s equity share and those who needed a mortgage exceeding 4.5 times their income (3.5 times for couples) did not qualify for the scheme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re purchasing a new build property in Wales, you may qualify for the Wales Help to Buy scheme. You&#8217;ll need a 5% deposit, and the property must cost up to \u00a3250,000. The deadline to reserve a new home with Help to Buy Wales is Friday, March 31st, 2023. The final Help to Buy reservations must be legally complete by December 22nd, 2023.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The Welsh Government offers a shared equity loan covering up to 20% of the property purchase price. You must get a mortgage to cover the remainder of the balance. For the first five years, you will only have to pay an admin fee of \u00a31 per month for the equity loan. Starting in the sixth year, you will be charged an interest rate of 1.75% per year on the original loan amount, in addition to the \u00a31 monthly management fee. The interest rate will increase by the same amount as the Consumer Price Index measure of inflation plus 2% in subsequent years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-ub-content-toggle wp-block-ub-content-toggle-block\" id=\"ub-content-toggle-block-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" data-mobilecollapse=\"false\" data-desktopcollapse=\"true\" data-preventcollapse=\"false\" data-showonlyone=\"false\">\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-0-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" style=\"color: #FFFFFF; \">1. What is the Help to Buy scheme?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-0-f79e0463-02fe-4a6f-8cbb-4a4b86980032\">\n\n<p class=\"wp-block-paragraph\">The Help to Buy scheme is a government initiative designed to help first-time buyers climb the property ladder. The scheme provides an equity loan of up to 20% of the value of a new-build property (or 40% in London) which is interest-free for the first five years. \u00b9<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-1-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" style=\"color: #FFFFFF; \">2. Who is eligible for the Help to Buy scheme?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-1-f79e0463-02fe-4a6f-8cbb-4a4b86980032\">\n\n<p class=\"wp-block-paragraph\">The scheme is available to first-time buyers and existing homeowners who want to move up the property ladder. To be eligible, you must have a deposit of at least 5% of the property value and be able to secure a mortgage for at least 75% of the purchase price. \u00b9<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-2-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" style=\"color: #FFFFFF; \">3. How much can I borrow with the Help to Buy scheme?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-2-f79e0463-02fe-4a6f-8cbb-4a4b86980032\">\n\n<p class=\"wp-block-paragraph\">The amount you can borrow depends on where you live and the property value you want to buy. In England, you can borrow up to 20% (or 40% in London) of the purchase price interest-free for five years. \u00b9<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-3-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" style=\"color: #FFFFFF; \">4. How do I apply for the Help to Buy scheme?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-3-f79e0463-02fe-4a6f-8cbb-4a4b86980032\">\n\n<p class=\"wp-block-paragraph\">You can apply for the Help to Buy scheme through a participating lender or developer. You must complete an application form and provide proof of your deposit and mortgage offer. \u00b9<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-4-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" style=\"color: #FFFFFF; \">5. What happens after five years on the Help to Buy scheme?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-4-f79e0463-02fe-4a6f-8cbb-4a4b86980032\">\n\n<p class=\"wp-block-paragraph\">After five years, you will be charged interest on the equity loan at a rate of 1.75%. This rate will increase each year by RPI inflation plus 1%. You can repay part or all of your equity loan at any time or when you sell your home. \u00b9<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-5-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" style=\"color: #FFFFFF; \">6. Can I use the Help to Buy scheme for a second home?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-5-f79e0463-02fe-4a6f-8cbb-4a4b86980032\">\n\n<p class=\"wp-block-paragraph\">No, you cannot use the Help to Buy scheme for a second home or buy-to-let property. The scheme is only available for first-time buyers and those who want to move up the property ladder. \u00b9<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-6-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" style=\"color: #FFFFFF; \">7. What are the advantages of using the Help to Buy scheme?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-6-f79e0463-02fe-4a6f-8cbb-4a4b86980032\">\n\n<p class=\"wp-block-paragraph\">The main advantage of using the Help to Buy scheme is that it allows you to buy a new-build property with just a 5% deposit. This means that you can get on the property ladder sooner than if you had to save up a larger deposit. \u00b2<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-7-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" style=\"color: #FFFFFF; \">8. What are the disadvantages of using the Help to Buy scheme?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-7-f79e0463-02fe-4a6f-8cbb-4a4b86980032\">\n\n<p class=\"wp-block-paragraph\">The main disadvantage of using the Help to Buy scheme is that you will have less equity in your home than if you had bought it outright. This means that if house prices fall, you could end up in negative equity, which could make it difficult to sell your home or remortgage in future. \u00b2<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-8-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" style=\"color: #FFFFFF; \">9. When does the Help to Buy scheme end?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-8-f79e0463-02fe-4a6f-8cbb-4a4b86980032\">\n\n<p class=\"wp-block-paragraph\">The current Help to Buy scheme ended on March 31st, 2023.\u00b2<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-9-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-f79e0463-02fe-4a6f-8cbb-4a4b86980032\" style=\"color: #FFFFFF; \">10. Where can I find more information about the Help to Buy scheme?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-9-f79e0463-02fe-4a6f-8cbb-4a4b86980032\">\n\n<p class=\"wp-block-paragraph\">You can find more information about the Help to Buy scheme on gov.uk website\u00b3.<\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">References:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\">\n<li class=\"has-small-font-size\">Forces Help to Buy Scheme: All your questions answered. <a href=\"https:\/\/www.homeviews.com\/buying\/forces-help-to-buy-scheme-all-your-questions-answered\">https:\/\/www.homeviews.com\/buying\/forces-help-to-buy-scheme-all-your-questions-answered<\/a><\/li>\n\n\n\n<li class=\"has-small-font-size\">Help to buy scheme: the clock is ticking if you want to apply. <a href=\"https:\/\/www.theguardian.com\/money\/2022\/jul\/23\/help-to-buy-scheme-apply-deadline\">https:\/\/www.theguardian.com\/money\/2022\/jul\/23\/help-to-buy-scheme-apply-deadline<\/a><\/li>\n\n\n\n<li class=\"has-small-font-size\">What Will Replace Help To Buy? &#8211; HomeOwners Alliance. <a href=\"https:\/\/hoa.org.uk\/advice\/guides-for-homeowners\/i-am-buying\/what-will-replace-help-to-buy\">https:\/\/hoa.org.uk\/advice\/guides-for-homeowners\/i-am-buying\/what-will-replace-help-to-buy<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"n 2013, the Government introduced Help to Buy, a scheme to assist first-time buyers in purchasing their first property. The scheme&#8217;s final iteration, which stopped accepting applications on October 31st, 2022\n","protected":false},"author":1,"featured_media":7275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[475],"tags":[],"class_list":["post-6540","post","type-post","status-publish","format-standard","has-post-thumbnail","category-first-time-buyers"],"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/06\/RAJune2023116.jpg","author_info":{"display_name":"Credit Score UK","author_link":"https:\/\/www.check.co.uk\/blog\/author\/coco\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Help to Buy Scheme | All You Need to Know | Credit-Score Home<\/title>\n<meta name=\"description\" content=\"Explore the Help to Buy scheme with Credit-Score Home. 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