28/07/2020
We are getting a lot of questions on the new enlarged Help to Buy Scheme (increased to 10% of purchase price or 30k max) announced as part of the stimulus package last week. The legislation is going through the Houses before being passed into law so it is still uncertain as to how it is to work but this Bonkers article gives a useful summary of what looks like will happen -
If you are buying a new house, and contracts are not signed and dated before 23rd July then it looks like you will be able to reapply to the scheme.
If you are building, and you haven't drawn down the 1st stage of your mortgage before 23rd July, then it looks like you will be able to apply.
The Help-to-Buy incentive, also known as the Help-to-Buy scheme, is a Government tax refund scheme designed to help first-time buyers get the deposit needed to buy a newly built home.