Bud­get ex­tends new-build scheme

Yorkshire Post - Property - - PROPERTY -

THE Help to Buy scheme, an­nounced in this week’s bud­get, has been wel­comed. It en­ables buy­ers to put down 5 per cent de­posits on newly-built homes with to 20 per cent of the cost of the home funded by a shared eq­uity loan, in­ter­est free for five years and re­payable when the home is sold.

The pre­vi­ous First Buy scheme was only open to first-time buy­ers, whereas this will be avail­able to all buy­ers of newly-built homes. The pre­vi­ously in­come limit of £60,000 a year has been scrapped too.

Help to Buy will ap­ply to newly-built homes up to £600,000 and bor­row­ers will be able to ap­ply from April 1. How­ever, the Coun­cil of Mort­gage Lenders said it will take some months to put the scheme in place.

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