Equity Loan
Scheme
Equity Loan Scheme Kent
The Help to Buy Equity Loan Scheme closed for new applicants as of 31st October 2022. The loan itself is due to end as of 31st March 2023, meaning you must complete and have the keys to your property as of 6pm 31st March 2023.
The scheme was officially launched in 2013 to help people buy new build properties. Over 360,000 properties have been purchased with the Equity Loan Scheme in the 10 years since the scheme was launched. The total value of properties sold under the scheme is over £100bn and the value of Equity Loans used during that time is £22.5bn.
Last updated: 15th January 2024
As the market stands currently, it’s a very challenging time for those looking to get on the property ladder. Lenders are adjusting criteria daily, the Help to Buy Scheme has ended, and 95% mortgages are not readily available.
Having a mortgage broker in your corner has never been more valuable. At Future Interests, we can assess the market and find the best product to suit your circumstances. If you’re thinking of purchasing your first property in the next 6-12 months it’s imperative that you speak to a mortgage broker and put everything in place, to reduce the chances of any complications.
Are there any alternatives to the Help to Buy Equity Loan Scheme?
The Deposit Unlock Scheme has been named as the closest alternative; however, the features of the scheme are very different. This new scheme will allow first time buyers buy a new build home with just a 5% deposit, however, it’s only available through certain lenders and selected home builders.
In general, mortgage lenders tend to be more cautious when it comes to lending against a new build property. In most cases a new build property will go through a period of devaluation and that usually results in lenders wanting a higher level of deposit to protect themselves. The Deposit Unlock Scheme the home builders pay to insure the mortgages instead, encouraging lenders to offer the 95% LTV products.
If you would like to speak to a member of the team about the Deposit Unlock Scheme or your options in general, please don’t hesitate to get in touch. Simply give us a call on 01227 682869 or click to send us a message.
If you have any questions about the Help to Buy Equity Loan Scheme or your alternative options, simply get in touch with the team.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
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