More home buyers are searching for information on the popular Help to Buy scheme ahead of new changes that come into force next year.
New homes builder Miller Homes has seen use of its online Help to Buy Mortgage Calculator increase by a massive 49% in the last three months (May-July), compared to the same period in 2019, while visits to its Help to Buy advice pages have shot up by more than a quarter.
Tracey Forbes-Taylor, Managing Director for Miller Homes in the South, explains some of the changes house hunters in the South East can expect to see:
“Help to Buy has been incredibly popular and has helped thousands of people in the region move into a new home with just a 5% deposit.
“The scheme is currently available on new build properties up to a maximum of £600,000 in England. It’s available to all buyers, not just first time buyers, as long as it’s your only home.
“Home buyers can own a new home with just a 5% deposit and a 75% mortgage from a bank or building society. The additional 20% is made up by a Help to Buy equity loan funded by the Government.
“From 1 April 2021, the scheme changes and will only be available for first time buyers. The 5% deposit, 75% mortgage and 20% equity loan remains the same but price caps are being introduced on the value of properties eligible for Help to Buy and these will vary depending on region. For the South East, the price cap will be £437,600.
“So, while some things are changing and some remain the same, it’s important for anyone looking to make a move in the next few months to read up on the Help to Buy scheme and understand the impact the changes may have on their purchase.”
The current Help to Buy scheme is available on a number of properties at Miller Homes developments across the South, including Southbourne Fields in Southbourne, Weavers Fields in Bloxham, Banbury Chase in Banbury, Burghfield Park in Burghfield Common, Chalgrove Meadow in Chalgrove and Cranleigh Grange in Cranleigh. To qualify, buyers must complete on their new home by 31 March 2021.
You can find out more about changes to the Help to Buy scheme and see the full range of developments and properties in the South East from Miller Homes by visiting: www.millerhomes.co.uk
