Should I use Help to Buy?’ is one of the most commonly asked questions by first-time buyers looking to get on to the property ladder. 

And in truth, it’s difficult to give a definitive answer either way. On one hand, the scheme has helped more than 200,000 home buyers, but it’s also faced accusations of inflating house prices and lining developers’ pockets, not to mention the difficulties you could face when it comes to remortgaging or paying off the loan.

If you’re considering Help to Buy, make sure you’re aware of everything below before taking the leap.

Help to Buy: the basics

The Help to Buy equity loan scheme allows buyers to purchase a new-build home with a 5% deposit plus an equity loan from the government and a mortgage for the remaining balance.

The size of the loan varies depending on where you live. In England, you can borrow up to 40% of the property price if you’re buying in London and 20% in the rest of the country, with loans available on properties priced up to £600,000.

Between April 2013 and the end of last year, 210,964 properties had been bought with an equity loan in England, with 81% of these going to first-time buyers.

Click here and read the 15 things you need to know about the Help to Buy Scheme

Call the Stonelink International team if you get stuck or need more help on
+ 44 (0) 207 993 4081 or send an email for a fast response.