What is the Help To Buy scheme
The Help to Buy scheme offers a loan where the government lends first-time buyers money to buy a newbuild home. In return for the loan the Government will take a mortgage over your home. This mortgage will be based on the percentage of the purchase price you borrow from the Government. When you sell your home, you must repay the same percentage of the sale price as the initial equity loan. This means that if you take out an equity loan for 20% of the purchase price then you must repay 20% of the price at which you sell. If the value of your property has increased, the amount you have to pay back will likely be more than you originally borrowed.
There are certain criteria to be met in order to qualify to use the scheme.
Please note that all information provided in this FAQ is for general reference only. It should not be used as a sole or definitive source, nor is it intended to be used for decision making in place of appropriate advice from a qualified legal professional. As such the information is provided as-is and Brevis cannot accept any responsibility or liability for any loss or damage resulting from any errors or ommission in, or any reliance on, information contained in this guide.