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The Help to Buy scheme usually allows buyers to borrow up to 20% of a new-build property’s value from the government, put in a 5% deposit and take out a mortgage on the rest. If you live in London, you can borrow up to 40% of the purchase price. The exact amount depends on how much you’ve paid off your mortgage. The Help to Buy Equity Loan is where the Government will give buyers a loan of up to 20% (or 40% in London) of the price of the property the buyers want to purchase. The help-to-buy scheme aimed to help people to buy homes at a time when mortgage lenders were reluctant to offer loans without hefty deposits. If you use Help to Buy, you can only take out a repayment mortgage. The expanded Help-to-Buy scheme rate of €30,000 is scheduled to run until 31 December 2021, having been extended in the 2021 Budget. © Copyright 2020 The Money Advice Service 120 Holborn, London EC1N 2TD. You'll also receive an application number and an access code which can be provided to your lender to verify your Help-to-Buy relief. Until 2021, it will allow Londoners with a 5% deposit to get an interest-free loan for five years, worth up to 40% of the value of a newly-built home – twice as much as under the existing Help to Buy equity loan scheme. Yes, you'll need to ensure that the builder of your home is registered as a Qualifying Contractor with Revenue if you wish to claim a refund under the scheme. After-sale shared equity procedures 6. We will normally respond to your enquiry within 48 hours of receipt. If you haven't already done so, you'll need to complete a Form 12 (for PAYE workers) and Form 11 (for the self-employed) in respect of each of the four years. Help to Buy mortgages: the basics. Both work in exactly the same way, and the agent who handles the schemes will tell you which one you'll be applying for depending on which home you want to buy. There are two types of Help to Buy (Scotland) scheme: 1. the Affordable New Build scheme . Use our Mortgage calculator, to work out how much you’d pay back each month. The Help-to-Buy incentive, also known as the Help-to-Buy scheme, is a Government tax refund scheme designed to help first-time buyers get the deposit needed to buy a newly built home. If you live elsewhere in the UK, you can use: You don’t pay any interest or fees on the government’s equity loan for the first five years. The Revenue maintains a list of Qualifying Contractors which you can see here. The purchase price must be no more than £600,000. Interested and want to know if you qualify? You must buy or build the property to live in as your home. No. Monday to Friday, 8am to 6pm, Saturday, 8am to 3pm, 24 December 8am to 3pm, 25 to 28 December, closed. Help to Buy is a scheme where the Government offers financial support to those looking to secure a home, but who are struggling to find the means for a deposit. 4 How do I apply for HTB? A record number of first-time buyers have applied for the Help to Buy scheme this year after it was announced in the Budget it will be wound up in 12 months. You must be a first-time buyer. Taking control of debt, free debt advice, improving your credit score and low-cost borrowing, Renting, buying a home and choosing the right mortgage, Running a bank account, planning your finances, cutting costs, saving money and getting started with investing, Understanding your employment rights, dealing with redundancy, benefit entitlements and Universal Credit, Planning your retirement, automatic enrolment, types of pension and retirement income, Having a baby, divorce and separation, what to do when someone’s died, choosing and paying for care services, Buying, running and selling a car, buying holiday money and sending money abroad, Protecting your home and family with the right insurance policies, Coronavirus Money Guidance You do not qualify old or derelict homes do not qualify, but the conversion of a newly built and! 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