Assisting first time buyers with getting on the ladder or families who need to move to a bigger home is a priority for the government, who recently added to the ‘family’ of Help To Buy Schemes with the addition of the Help To Buy ISA, which comes into effect as of 1st October this year.
However, which such an array of schemes available, it can be confusing to figure out which one will best suit your needs, so here’s my quick guide to what’s available:
You can use the Help To Buy schemes to purchase a property valued up to £600,000 (up to £500,000 via the NewBuy schemes)
You don’t need to be a first time buyer to qualify for Help To Buy, so if you already own but need to move to a larger property you can still apply
The property purchased must be your only residence
Help to Buy is not available to assist buy-to-let investors or those who will own any property other than their Help to Buy property after completing their purchase
You cannot rent out your existing home and buy a second home through Help to Buy
My full guide will be available soon, see you then