There are often misconceptions around the Government-backed Help to Buy scheme with many unaware it is available as a means to purchase a new home. Award winning property developer Crest Nicholson offers the following insights for buyers to better understand and make use of the scheme.

Debunking the three common misconceptions about Help to Buy

Myth #1: Only first-time buyers are eligible

It’s commonly thought that Help to Buy is only there for first time buyers. Many second time buyers are unaware they are also eligible for the government-backed scheme. These ‘second steppers’ can use the scheme to upgrade or upsize to a new build home. However, those looking to remain living in their first home while buying a second investment property are not eligible for the scheme.

Myth #2: The scheme is available on any type of home

In order to use Help to Buy, buyers must be purchasing a new build home. Those buying in the second-hand market or purchasing a second home as an investment cannot use the scheme. Fortunately, one of the core benefits of a new home, is just that, it is brand new. With fully fitted kitchens including integrated Bosch appliances to crisp white Roca sanitary-ware and full height Porcelanosa tiling in the bathroom. No renovations or previous residents’ decisions need to be taken into consideration allowing purchasers to enjoy the things they love, including putting their own design flair on their new home.

Myth #3: Help to Buy is here to stay

In last year’s budget, major changes were announced to the Help to Buy scheme and it’s not here to stay for everyone. From 2021, second time buyers will be excluded and the maximum value for a Help to Buy property will be subject to different caps in each region. Eligible buyers should be reviewing their options and act now to ensure they do not miss out.

Sandra Dixon, Sales and Marketing Director at Crest Nicholson South West commented: “Home ownership is an important ambition for many people and likely the biggest investment most of us will make in our lifetime. However, many of us are not aware of the schemes available to help with buying a property, or of the many benefits of buying new.

“Now’s a great time for second steppers to consider buying to maximise the use of Help to Buy. If the thought of selling is holding you back, we have incentives available to ease the transition. Our SmoothMove initiative can help take the stress away by allowing us to manage the sale of your existing property, paying estate agent fees along the way.

“With so many incentives available to assist aspiring and existing home owners buy property – now is an ideal time for people to start considering whether they want to jump on or up the property ladder to take advantage of the schemes while they still can.”

Crest Nicholson has a range of developments across the South West with Help to Buy available including the popular Tadpole Garden Village in Swindon, Hygge Park at Keynsham, Langford Fields near Bristol and the newly launched The Waterfront at Gloucester Quays.

Langford Fields is a development of 3, 4 & 5 bed traditional homes from £315,000, situated close to the Mendip Hills with Primary and Secondary Schools close by and only 12 miles South West of Bristol. A brand new show home has just launched at Langford Fields, for more information visit www.crestnicholson.com/developments/langford-fields/