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Help to Buy is changing: find out how

Nov 20 2020

From 1 April 2021 the current Help to Buy Equity Loan scheme will be replaced with a new scheme, for first time buyers only. We’ve outlined everything you need to know about both the current and new schemes, to help bring you one step closer to finding your dream home.

What’s changed?

The current London Help to Buy Equity Loan is available to first time buyers as well as homeowners looking to move. To qualify, the home you want to buy must be newly built with a price tag of up to £600,000. The London scheme allows you to get a loan for 40% of the purchase price from the Government. You only need a 5% deposit, and your mortgage can make up the rest.

This current scheme comes to an end in March 2021, and will be replaced by a new scheme from 1^st April 2020. The new scheme is restricted to first time buyers only, and will run until March 2023. As with the current scheme, the Government will continue to lend eligible buyers up to 40% of the cost of a new build property. The maximum property price to be eligible will range across the country – but stay at £600,000 in London.

I’m not a first-time buyer – do I still have time to take advantage of the current scheme?

Home owners who wish to purchase using the current Help to Buy scheme could still be eligible, as long as you complete the purchase process by March 2021. As many of the homes within our new-build developments across London are ‘ready to move’ in, the purchasing process is generally quick and straightforward, so there is still time to complete before the scheme comes to an end.

Help to Buy with Telford Homes:

We have a range of beautiful homes available via the Help to Buy scheme.

All suites, one- and two-bedroom apartments at our Stone Studios development in Hackney Wick are available via both the current and new schemes. Select two- and three-homes within our Gallions Point development in the Royal Docks are also available.

How to apply:

For more information on buying through the Help to Buy scheme with Telford Homes, please visit our sales websites and contact the sales team who will be happy to guide you through the properties.

Ground Rent & Help to Buy: FAQs

1) What is Ground Rent?

Ground Rent is a payment that a homeowner pays to the holder of the leasehold property, for the occupation of part of an area of land. If the property you are living in has a leasehold, you will pay ground rent for essentially living on that land. You are required to pay ground rent even if you have a mortgage and own the property.

2)How does Ground Rent affect the Help to Buy scheme?

In February 2020, the Government announced that any ground rent on the sale of leasehold properties through the new Help to Buy Scheme (which will come into force on 1^st April 2021), must be restricted to a peppercorn rent.

3) How does it affect Telford Homes’ development?

Ground Rents are not charged at our Stone Studios development in Hackney Wick, therefore all suites, one- and two-bedroom apartments in the development are available under both the current and new Help to Buy scheme.

At our Gallions Point development, in the heart of the Royal Docks, Ground Rent is charged – so the new Help to Buy scheme will not be available. Buyers wishing to utilise the Help to Buy scheme to purchase a home within the development will therefore need to complete their purchase before March 31^st 2021, when the current scheme comes to an end.