Government Schemes
In order to assist first-time buyers onto the property ladder, the Government has launched a number of schemes. The most popular of these are the Help to Buy (Equity Loan) Scheme, Armed Forces Help to Buy and the Help to Buy ISA. Please see below for more information.
If you have any questions about these or any other schemes please contact our Residential Property Team on 01752 827069 or email property@nash.co.uk and we will be happy to discuss these with you.
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Help to Buy Scheme
The Help to Buy scheme is essentially an equity loan from the Government. In order to access the Help to Buy scheme, the property you are buying must be a new build, sold by a Help to Buy registered homebuilder, and be the only home that you own and live in. It also must not have been lived in by anyone before you buy it.
You need to pay a minimum deposit of 5% of the property purchase price and arrange a repayment mortgage of at least 25% of the property purchase price. You can then borrow an equity loan to cover from 5% and up to 20% of the property purchase price of your newly built home. If the property is in London, you can borrow up to 40%.
Help to Buy Scheme: More Information
You need to apply through the Help to Buy agent in the area where you want to buy your home. The deadline to reserve your home with a registered homebuilder and submit your application to your Help to Buy agent is 6pm on Monday 31 October 2022.
We explain more about the end of the Help to Buy scheme in this article, written by our Residential Conveyancing Solicitors.
call Speak to one of our friendly Conveyancing Solicitors on 01752 827050
Armed Forces Help to Buy
If you are a member of the armed forces you may be eligible for a Forces Help to Buy Loan. If you meet the criteria you may be able to borrow up to 50% of your salary (up to a maximum of £25,000), interest-free, to buy your first home. You can apply for this through the Joint Personnel Administration system.
This can count towards the deposit and other costs such as our fees and disbursements. However, it is important to note that we cannot use the Forces Help to Buy loan in the exchange of contracts. This is because, if the transaction does not complete, we would be required to return the funds to JPAC. We would therefore either ask your seller’s solicitor if they would accept a much-reduced deposit on the exchange of contracts or, alternatively, agree to a simultaneous exchange and completion.
Armed Forces Help to Buy: More Information
The Forces Help to Buy loan will not be secured as a charge against the property. You should still let your lender know that you are obtaining this.
Once you have submitted your application, both online and in paper form, we will receive a letter from JPAC asking us to confirm various details about the transaction. We will then send you the Promissory Note for signing. Once the Note has been signed and returned to us, we would then send the original to JPAC and ask them to confirm that everything is in order.
Lifetime ISA
You can use a Lifetime ISA (Individual Savings Account) to buy your first home or save for later life. You must be 18 or over but under 40 to open a Lifetime ISA. You can put in up to £4,000 each year, until you’re 50. You must make your first payment into your ISA before you’re 40. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
You can hold cash or stocks and shares in your Lifetime ISA, or have a combination of both. When you turn 50, you will not be able to pay into your Lifetime ISA or earn the 25% bonus. Your account will stay open and your savings will still earn interest or investment returns.
Lifetime ISA: More Information
You can use your savings to help you buy your first home if all the following apply:
the property costs £450,000 or less
you buy the property at least 12 months after you make your first payment into the Lifetime ISA
you use a conveyancer or solicitor to act for you in the purchase - the ISA provider will pay the funds directly to them
you’re buying with a mortgage
If the person you’re buying with has a Lifetime ISA, they can use their savings and government bonus too.
They’ll pay a 25% withdrawal charge to use their Lifetime ISA savings if they own or have a legal interest in the property (for example, they’re a beneficiary of a trust that includes property).
Related services
As you’re reading our Government Schemes page, you might be interested in having a look at our related services below.
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