First-time buyers have just weeks left to take advantage of government loan scheme
First-time buyers have just a few weeks left to take advantage of a government scheme that helps you buy your own house. With the difficulties facing first-time buyers these days, from increased house prices to soaring interest rates, new homeowners often need all the financial help that they can get.
This means that if you applied to the scheme by 6pm on October 31, your application will still be processed, but you must complete the purchase of your home, meaning you legally own it and have the keys to your home, by 6pm on March 31. The Gov.uk website explains: "During the term of the equity loan you only pay interest on the amount you borrowed. You do not pay off any of the loan itself. But you can choose to pay all or part of it off at any time.First-time buyers can only use the equity loan on a new build home from any of the homebuilders registered with the Help to Buy scheme.
First-time buyers in the north west can use the scheme to buy a home up to and including the value of £224,400. "The equity loan percentage you borrow is used to calculate your interest and equity loan repayments.
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