Time is running out for second steppers looking reap the rewards of using Help to Buy to purchase their next home. From April 1st 2021 the government-backed scheme will be limited solely for the use of first-time buyers, until it officially ends for all homebuyers in 2023. If you’re looking to upsize to a bigger family home, the time really is now or never to make your move and make the most of the alleviating benefits that come with using the Help to Buy scheme, before time runs out.
The Help to Buy scheme assists homebuyers on their property journey by lending homebuyers up to 20% of the cost of a new build home, meaning purchasers require just a 5% deposit and a 75% mortgage to buy the property. This, along with the current stamp duty holiday available until the end of March, will further help to relieve some of the financial burdens of second stepping into a larger home.
Currently, those looking to buy their second home can apply to use Help to Buy on a new build home up to the value of £600,000, as long as they are in the process of selling their first property. Buyers are able to reserve their Help to Buy purchase at any point, but contracts need to be exchanged on their old home before exchanging on a new property. From April 2021, the scheme will be restricted to first time buyers only, and will introduce regional property price caps for the first time.
At Millwood, we have a number of developments where Help to Buy is available for second steppers looking to grow their home. At Cherry Tree Lane in Surrey, each of the three remaining properties – Foxglove House, Willow House and Holly House – are available to purchase with Help to Buy, and are the perfect size for growing families, each with three bedrooms to expand into. Second steppers are also able to use the scheme at Hawthornden in Yalding, Kent, on a selection of three-bedroom terraced house types including The Frimley, The Mulberry and The Rolvenden, with prices starting from £460,000. At Bakers Field, our designer coastal development, second steppers can use the scheme to upsize to either the four-bedroom Barnham or the three-bedroom Chalkwell.
For those looking to get more for their money with Help to Buy, our newest site The Maltings has a number of four bedroom homes valid for the scheme. The Netherfield is a four bedroom semi-detached house currently
priced at £590,000, and second steppers will be able to reserve this through the scheme with a 5% deposit on £29,500.
If you’d like to find out more information on Help to Buy at our developments, please follow this link.