First-time buyers have just a few weeks left to take advantage of a government scheme that helps you buy your own house. With the difficulties facing first-time buyers these days, from increased house prices to soaring interest rates, new homeowners often need all the financial help that they can get.
The Help to Buy equity loan is a government scheme that helps first-time buyers get a property with just a five percent deposit by borrowing 20 percent of the purchase price, or 40 percent in London, interest-free for five years. The aim is to help people get onto the property ladder quicker or be able to afford a more expensive house.
In October 2018, the government announced that the scheme, which applies to buying new build homes only, would run from April 1, 2021 to March 31, 2023, which means those who have applied have less than a month left to make the most out of the loan.
