We reported recently that the volume of mortgage products available on the market has dropped significantly, particularly for those with a low deposit. First-time buyers may therefore be looking to shared ownership or the Help to Buy schemes to get onto the housing ladder. Yet, despite rising house prices, Which? reported earlier this year that around 5,000 homes in England were sold at a loss having been originally purchased under Help to Buy, read here.
The Help to Buy scheme varies around the UK, for example in Wales home-movers and first-time buyers can obtain a 20% equity loan from the government and in Scotland, buyers can benefit from an interest-free loan of up to 15%. Northern Ireland hasn’t had a Help to Buy scheme since the end of December 2016 and have focused more on shared ownership and the Rent to Own Scheme. Scotland and Wales have extended their schemes until 2022, whilst in England, no further extension has been announced. Read more about what is planned for Help to Buy in the UK here.