The Chancellor announced further investment to help people buy a new build home through a new equity loan product, Help to Buy, as part of the Budget on 20 March 2013.
Further information for buyers is available from the Treasury website.
Potential buyers through Help to Buy should contact their local HomeBuy agent, details can be found on the Help to Buy website. Potential buyers should also read the Help to Buy Buyer’s Guide - PDF (298KB).
Subject to the terms below, it is intended that Help to Buy will replace FirstBuy from 1 April 2013.
Help to Buy is an equity loan scheme that makes new build homes available to purchasers struggling to buy. The Help to Buy equity loan is funded by the Government through the HCA.
Help to Buy is available in England from registered house builders and will run until 31 March 2016, or earlier if the funding is taken up. House builders may register with the HCA at any time.
The Help to Buy product will be available to eligible purchasers and will be paid directly to registered house builders. It offers a maximum 20% equity loan (minimum 10%) on new build properties up to a maximum purchase price of £600,000. The equity loan will be made by the HCA to the purchaser; there is no house builder contribution.
The HCA will agree projected unit sales and funding forecasts with house builders registered and contracted to deliver Help to Buy. These will be agreed for each of the initiative’s three years, initially for 2013/14, and subsequently for 2014/15 and 2015/16. Forecasts will become the anticipated contractual delivery position. They will be periodically reviewed by the HCA and may be increased or decreased, based on delivery performance.
For general Help to Buy enquiries please email firstname.lastname@example.org