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.<\/p>\n
Debunking the three common misconceptions about Help to Buy<\/strong><\/p>\n Myth #1: Only first-time buyers are eligible<\/strong><\/p>\n It\u2019s 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 \u2018second steppers\u2019 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.<\/p>\n Myth #2: The scheme is available on any type of home <\/strong><\/p>\n 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\u2019 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.<\/p>\n Myth #3: Help to Buy is here to stay<\/strong><\/p>\n In last year\u2019s budget, major changes were announced to the Help to Buy scheme and it\u2019s 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.<\/p>\n