{"id":2453,"date":"2015-03-20T17:58:08","date_gmt":"2015-03-20T17:58:08","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/help-to-buy-scheme\/"},"modified":"2016-09-12T11:53:06","modified_gmt":"2016-09-12T11:53:06","slug":"help-to-buy-scheme","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/help-to-buy-scheme\/","title":{"rendered":"Help To Buy Scheme"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>The UK housing market has seen some improvements over the last couple of years but these tended to be very localized .\u00a0 However after the budget are we set for a new boom in new houses and a kick start to the property market?<\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<h2 class=\"MsoNormal\"><span lang=\"EN-US\"><span style=\"font-size: medium;\"><b>Help To Buy<\/b><\/span><br \/>\n<\/span><\/h2>\n<p><em><span><img src=\"http:\/\/news.images.itv.com\/image\/file\/192904\/article_9f385659cabf53bf_1366433319_9j-4aaqsk.jpeg\" alt=\"Help to Buy\" align=\"none\" \/><\/span><\/em><\/p>\n<p><em><span>Help To Buy Scheme information advice<\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The chancellor also known by the leader of the opposition as the &#8220;downgraded Chancellor&#8221; unveiled a <b>Help to Buy scheme,<\/b> with the government putting up a fifth of the initial purchase cost of newly built houses. <\/span>The Help to Buy scheme expands a previous scheme, FirstBuy, which was aimed solely at first-time buyers. It now enables<b> ALL PURCHASERS <\/b>to put down a 5% deposit on a newly built home.<\/p>\n<p class=\"MsoNormal\">\n<p class=\"MsoNormal\"><b>&#8220;Importantly this means a much smaller deposit is now required than the banks demand&#8221;<br \/>\n<\/b><\/p>\n<p><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The new help-to-buy scheme for those struggling to find mortgage deposits will include \u00a33.5 billion for shared equity loans, and a Government interest-free loan worth 20% of the value of a new-build house. This is great news for builders and the construction industry<\/span><\/p>\n<p><!--  \/* Font Definitions *\/ @font-face \t{font-family:Times; \tpanose-1:2 0 5 0 0 0 0 0 0 0; \tmso-font-charset:0; \tmso-generic-font-family:auto; \tmso-font-pitch:variable; \tmso-font-signature:3 0 0 0 1 0;} @font-face \t{font-family:Cambria; \tpanose-1:2 4 5 3 5 4 6 3 2 4; \tmso-font-charset:0; \tmso-generic-font-family:auto; \tmso-font-pitch:variable; \tmso-font-signature:3 0 0 0 1 0;}  \/* Style Definitions *\/ p.MsoNormal, li.MsoNormal, div.MsoNormal \t{mso-style-parent:\"\"; \tmargin:0cm; \tmargin-bottom:.0001pt; \tmso-pagination:widow-orphan; \tfont-size:12.0pt; \tfont-family:\"Times New Roman\"; \tmso-ascii-font-family:Cambria; \tmso-ascii-theme-font:minor-latin; \tmso-fareast-font-family:Cambria; \tmso-fareast-theme-font:minor-latin; \tmso-hansi-font-family:Cambria; \tmso-hansi-theme-font:minor-latin; \tmso-bidi-font-family:\"Times New Roman\"; \tmso-bidi-theme-font:minor-bidi; \tmso-ansi-language:EN-US;} @page Section1 \t{size:612.0pt 792.0pt; \tmargin:72.0pt 90.0pt 72.0pt 90.0pt; \tmso-header-margin:36.0pt; \tmso-footer-margin:36.0pt; \tmso-paper-source:0;} div.Section1 \t{page:Section1;} --><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\" style=\"font-family: Times;\">The new help-to-buy scheme for those struggling to find mortgage deposits will include \u00a33.5 billion for shared equity loans, and a Government interest-free loan worth 20% of the value of a new-build house. This is great news for builders and the construction industry<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\" style=\"font-family: Times;\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><b><span lang=\"EN-US\" style=\"font-family: Times;\">Who qualifies?<\/span><\/b><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\" style=\"font-family: Times;\">The scheme is open to first-time-buyers as well as home movers<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\" style=\"font-family: Times;\">You must have a minimum deposit of 5% of the full purchase price<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\" style=\"font-family: Times;\">You must be eligible to take out a mortgage from a commercial lender<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\" style=\"font-family: Times;\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><b><span lang=\"EN-US\" style=\"font-family: Times;\">What properties are included?<\/span><\/b><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\" style=\"font-family: Times;\">New build properties only (check out the mortgage guarantee scheme below for existing properties)<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\" style=\"font-family: Times;\">Properties under \u00a3600,000 in value<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\" style=\"font-family: Times;\">Help to Buy is currently only available in England<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The Chancellor said the scheme will be available to everyone who wants to buy a home from next year.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<h2 class=\"MsoNormal\"><span lang=\"EN-US\"><span style=\"font-size: medium;\">New Mortgage Guarantee Scheme<\/span><\/span><\/h2>\n<p>On top of this came a mortgage guarantee scheme which aimed to help people struggling to buy their own home. Osborne said \u00a33.5bn would be committed over the next three years for new homes worth less than \u00a3600,000.<\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">A new mortgage guarantee, sufficient to support \u00a3130 billion of loans, will help people who cannot afford a big deposit.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">George Osborne said\u00a0 &#8220;The deposits demanded for a mortgage these days put home ownership beyond the great majority, who can&#8217;t turn to their parents for a contribution. And that&#8217;s not just a blow to the most human of aspirations, it&#8217;s a setback to social mobility and it&#8217;s been hard on the construction industry too&#8221;<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The loans will be available to those who can find a 5% deposit with the loan worth up to 20% of the value of a home worth up to \u00a3600,000 and repayable when it is sold.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The price tag of \u00a3600,000 was a\u00a0 huge surprise that meant unlike most schemes that aimed to help first time buyers those already on the property market could receive assistance. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u00a0<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The Government will also offer<a title=\"\" href=\"http:\/\/news.uk.msn.com\/uk\/interest-free-loans-for-home-buyers-1\" target=\"\"> interest-free loans<\/a> for five years for those wanting to buy new-build homes.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\"><b>\u00a0<\/b><\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\"><b>Download<\/b><br \/>\n<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">You can download full <a title=\"\" href=\"http:\/\/cdn.hm-treasury.gov.uk\/budget2013_complete.pdf\" target=\"\">Budget report here<\/a><br \/>\n<\/span><\/p>\n<p class=\"MsoNormal\">\n<p class=\"MsoNormal\"><b><span lang=\"EN-US\">Useful websites<\/span><\/b><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\"><a title=\"\" href=\"https:\/\/www.gov.uk\/affordable-home-ownership-schemes\/overview\" target=\"\">Money Advice Service<\/a><\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\"><a title=\"\" href=\"https:\/\/www.gov.uk\/affordable-home-ownership-schemes\/overview\" target=\"\">Government home ownership schemes<\/a><\/span><\/p>\n<p class=\"MsoNormal\">\n<p class=\"MsoNormal\">\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Author : <a href=\"https:\/\/plus.google.com\/115654041100964611788?rel=author\">Nick Marr<\/a><br \/>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK housing market has seen some improvements over the last couple of years but these tended to be very localized .\u00a0 However after the budget are we set for a new boom in new houses and a kick start<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/help-to-buy-scheme\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":3526,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[11,16],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2014\/07\/H2B.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/help_to_buy_scheme","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/2453"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=2453"}],"version-history":[{"count":3,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/2453\/revisions"}],"predecessor-version":[{"id":3530,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/2453\/revisions\/3530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/3526"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=2453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=2453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=2453"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=2453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}