HOMEOWNERS who may require the assistance of Help to Buy to move up the property ladder are being encouraged to start making plans now if they want to benefit from the scheme.Housebuilder Jones Homes is advising those thinking of upsizing to a larger property to begin the search for their dream home soon to give themselves enough time to complete a purchase before the current Help to Buy scheme ends in March 2021.
The company’s Yorkshire division currently offers Help to Buy at each of its developments in the region.
The successful government-backed scheme enables people to secure a new home with a five per cent deposit and a 75 per cent mortgage.
The remaining 20 per cent is provided as an equity loan, on which no interest is payable for the first five years.
Help to Buy is currently available to existing homeowners who are looking to move to a new home, as well as first-time buyers.
However from 2021, it will only be available to first-time buyers and regional price caps on the value of homes which can be purchased with the scheme will be introduced.
Jayne Swift, Sales and Marketing Director at Jones Homes Yorkshire, said: “Since its launch in 2013, Help to Buy has helped growing families to purchase a new home as well as helping first-time buyers to enter the market.
“The second step on the ladder can be just as difficult to achieve as the first, so Help to Buy is a valuable tool for many looking to move up. It also offers a helping hand to people who have previously owned a home and want to return to the market.
“Neither of these options will be available once the scheme is revised.
“It’s important to remember to secure a specific home in a new development you may need to make your reservation some months before it is ready to move in to.
“We would encourage anyone who is looking to take advantage of Help to Buy to start making plans now to give them as much time as possible to secure their dream home before the scheme changes.
“Our staff are happy to explain everything it entails and can recommend independent financial advisors so they can be fully informed before making a decision on their next move.”
When the new version of Help to Buy comes into force, first-time buyers in Yorkshire will be able to use the scheme to secure a property priced up to £228,100.
Jones Homes’ Yorkshire division is currently building at a number of developments in Yorkshire, including at Heather View in Holmfirth, Century View in Huddersfield, Hillside Green in Harthill, Wentworth View in Thorpe Hesley and Beaumont Grange in Treeton.
More information is available online: jones-homes.co.uk