The 'Help to Buy' scheme improves on a previous scheme known as FirstBuy. It enables buyers to put down a 5% deposit on a new home. Up to 20% of the cost of the home is funded by a "shared equity" loan, which will be repayable when the home is sold.
The shared equity loan is interest-free for the first five years. Following that the owner can then remortgage to a standard mortgage or continue with interest payments on the secured loan.
Previously the Firstbuy scheme was only open to first-time buyers, 'Help to buy' will be available to all buyers. The income limit of joint income less than £60,000 has been removed.
And will cover homes up to the value of £600,000.
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