Help to buy - Revision history

Designing Buildings at 12:08, 27 February 2023

2023-02-27T12:08:02Z

← Older revision		Revision as of 12:08, 27 February 2023
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	In July 2020, the government announced an extension of the completion date for eligible homes from December 2020 to 28 February 2021. Ref [https://www.gov.uk/government/news/help-to-buy-scheme-extended https://www.gov.uk/government/news/help-to-buy-scheme-extended]		In July 2020, the government announced an extension of the completion date for eligible homes from December 2020 to 28 February 2021. Ref [https://www.gov.uk/government/news/help-to-buy-scheme-extended https://www.gov.uk/government/news/help-to-buy-scheme-extended]

−	= Related articles on Designing Buildings ~~Wiki~~ =	+	= Related articles on Designing Buildings =

	* Affordable housing.		* Affordable housing.
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	* Social rented housing.		* Social rented housing.
	* What is a mortgage?		* What is a mortgage?
−
−	~~= External references =~~
−
−	* [http://www.helptobuy.org.uk/ http://www.helptobuy.org.uk/].

	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Policy]] [[Category:Policy]]		[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Policy]] [[Category:Policy]]

Designing Buildings at 07:27, 26 April 2021

2021-04-26T07:27:59Z

← Older revision		Revision as of 07:27, 26 April 2021
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	* Consumer Code for Home Builders.		* Consumer Code for Home Builders.
	* Fixing our broken housing market.		* Fixing our broken housing market.
		+	* Help to build.
	* Housing associations.		* Housing associations.
	* Housing tenure.		* Housing tenure.

Designing Buildings at 08:18, 4 November 2020

2020-11-04T08:18:59Z

← Older revision		Revision as of 08:18, 4 November 2020
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	* [http://www.helptobuy.org.uk/ http://www.helptobuy.org.uk/].		* [http://www.helptobuy.org.uk/ http://www.helptobuy.org.uk/].

−	[[Category:~~Policy~~]] [[Category:DCN_Policy]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Policy]] [[Category:Policy]]

Designing Buildings at 08:20, 3 August 2020

2020-08-03T08:20:47Z

← Older revision		Revision as of 08:20, 3 August 2020
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	In February 2020, the government announced further details about the new Help to Buy scheme that will run from 2021 to 2023. This scheme will be more targeted at those who need help onto property ladder and will include new quality measures to improve consumer experience and safety. This was announced alongside the creation of a New Homes Ombudsman. Ref [https://www.gov.uk/government/news/housing-secretary-clamps-down-on-shoddy-housebuilders https://www.gov.uk/government/news/housing-secretary-clamps-down-on-shoddy-housebuilders]		In February 2020, the government announced further details about the new Help to Buy scheme that will run from 2021 to 2023. This scheme will be more targeted at those who need help onto property ladder and will include new quality measures to improve consumer experience and safety. This was announced alongside the creation of a New Homes Ombudsman. Ref [https://www.gov.uk/government/news/housing-secretary-clamps-down-on-shoddy-housebuilders https://www.gov.uk/government/news/housing-secretary-clamps-down-on-shoddy-housebuilders]
		+
		+	In July 2020, the government announced an extension of the completion date for eligible homes from December 2020 to 28 February 2021. Ref [https://www.gov.uk/government/news/help-to-buy-scheme-extended https://www.gov.uk/government/news/help-to-buy-scheme-extended]

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =
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	* [http://www.helptobuy.org.uk/ http://www.helptobuy.org.uk/].		* [http://www.helptobuy.org.uk/ http://www.helptobuy.org.uk/].

−	[[Category:Policy]]	+	[[Category:Policy]] [[Category:DCN_Policy]]

Designing Buildings at 16:50, 24 February 2020

2020-02-24T16:50:39Z

← Older revision		Revision as of 16:50, 24 February 2020
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−	~~This article was created in January 2015. Some of the figures quoted may be subject to change.~~
−
	= Introduction =		= Introduction =

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	= Equity loans =		= Equity loans =

−	Equity loans are available to first-time buyers and others moving to new-build homes in England, with a purchase price of up to ~~£600,000~~.	+	Equity loans are available to first-time buyers and others moving to new-build homes in England, with a purchase price of up to a defined threshold.

−	~~The following criteria apply:~~	+	A deposit is requried, and the homeowner must pay back the loan after 25 years or when the home is sold, whichever is earliest. The amount that needs to be paid back is determined by the market value at that time. The loan can be paid back in part or in full at any time.
−		+
−	* A deposit ~~of 5% of the property price~~ is ~~required.~~	+
−	* The government can loan up to 20% of the price.	+
−	* The remaining 75% is covered by a mortgage.	+
−		+
−	~~There are no loan fee charges in the first five years. In year 6~~, ~~a fee of 1.75% is charged~~ and ~~each subsequent year, the fee will increase based on~~ the ~~Retail Prices Index plus 1%.~~	+
−		+
−	~~The~~ homeowner must pay back the loan after 25 years or when the home is sold, whichever is earliest. The amount that needs to be paid back is determined by the market value at that time. The loan can be paid back in part or in full at any time.	+

	Applicants should contact a Help to Buy agent. The property must be bought from a registered Help to Buy builder.		Applicants should contact a Help to Buy agent. The property must be bought from a registered Help to Buy builder.
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	Housing associations provide shared ownership schemes where it is possible to purchase a share (between 25% to 75%) of a property. A mortgage is required for the share that is purchased, and rent is paid on the remainder.		Housing associations provide shared ownership schemes where it is possible to purchase a share (between 25% to 75%) of a property. A mortgage is required for the share that is purchased, and rent is paid on the remainder.
−
−	~~It is possible to purchase a house through a shared ownership scheme if:~~
−
−	* The household earns £60,000 or less, unless the property is in London where the maximum is £66,000 for a 1 or 2 bedroom or £80,000 for a three or more bedroom property.
−	* The individual is a first-time buyer (or no longer can afford to buy one).
−	* The individual rents a council or housing association property.
−	* You are less than 55 (see below if over 55).
−
−	The ‘Older People’s Shared Ownership’ assists individual’s of 55 and over and is similar to the general scheme but it is only possible to buy up to 75% of the property. Once 75% of the home is paid off, rent is paid on the remaining amount.
−
−	~~The ‘Home Ownership for People with Long-Term Disabilities' (HOLD) can help individual’s with a long-term disability purchase a shared ownership property.~~

	Once a house is purchased, it is possible to buy additional shares. The price of the new shares will reflect the current value of the property.		Once a house is purchased, it is possible to buy additional shares. The price of the new shares will reflect the current value of the property.
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	If the property is owned entirely by an individual, they may sell it and the housing association has the first chance to purchase the property for the first 21 years after the house is purchased. If only a share of the property is owned by an individual, the housing association can find a buyer.		If the property is owned entirely by an individual, they may sell it and the housing association has the first chance to purchase the property for the first 21 years after the house is purchased. If only a share of the property is owned by an individual, the housing association can find a buyer.

−	It is possible to contact a ~~[http://www.helptobuy.org.uk/equity-loan/find-helptobuy-agent~~ local agent] in the area to find out more about shared ownership schemes.	+	It is possible to contact a local agent in the area to find out more about shared ownership schemes.

	= NewBuy =		= NewBuy =

−	The Help to Buy NewBuy scheme is for new homes and for individual’s with a deposit of 5%.	+	The Help to Buy NewBuy scheme is for new homes and for individual’s with a deposit of 5%. The individual must be a UK citizen or have the right to remain in the UK indefinitely.
−		+
−	~~It is possible to purchase a property with the NewBuy scheme if the new home meets the following criteria:~~	+
−		+
−	* A new build.	+
−	* A maximum property value of £500,000.	+
−	* It is the main home.	+
−	* It is owned by the individual.	+
−	* IT is constructed by a scheme builder.	+
−		+
−	The individual must be a UK citizen or have the right to remain in the UK indefinitely.	+

	It is possible to apply for a mortgage up to 95% of the purchase price, from an approved lender. NewBuy homes can be located within an area from the NewBuy website.		It is possible to apply for a mortgage up to 95% of the purchase price, from an approved lender. NewBuy homes can be located within an area from the NewBuy website.

Designing Buildings at 16:47, 24 February 2020

2020-02-24T16:47:14Z

← Older revision		Revision as of 16:47, 24 February 2020
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	Ref [https://www.hbf.co.uk/news/help-buy-unmitigated-success/ https://www.hbf.co.uk/news/help-buy-unmitigated-success/]		Ref [https://www.hbf.co.uk/news/help-buy-unmitigated-success/ https://www.hbf.co.uk/news/help-buy-unmitigated-success/]

−	= ~~Find out more~~ =	+	=== 2020 ===

−	=== Related articles on Designing Buildings Wiki ===	+	In February 2020, the government announced further details about the new Help to Buy scheme that will run from 2021 to 2023. This scheme will be more targeted at those who need help onto property ladder and will include new quality measures to improve consumer experience and safety. This was announced alongside the creation of a New Homes Ombudsman. Ref [https://www.gov.uk/government/news/housing-secretary-clamps-down-on-shoddy-housebuilders https://www.gov.uk/government/news/housing-secretary-clamps-down-on-shoddy-housebuilders]
		+
		+	= Related articles on Designing Buildings Wiki =

	* Affordable housing.		* Affordable housing.
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	* Housing tenure.		* Housing tenure.
	* Intermediate housing.		* Intermediate housing.
		+	* New Homes Ombudsman.
	* Real Estate Investment Trusts.		* Real Estate Investment Trusts.
	* Rent to buy.		* Rent to buy.
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	* What is a mortgage?		* What is a mortgage?

−	=== External references ===	+	= External references =

−	* ~~For more information visit~~ [http://www.helptobuy.org.uk/ http://www.helptobuy.org.uk/].	+	* [http://www.helptobuy.org.uk/ http://www.helptobuy.org.uk/].

	[[Category:Policy]]		[[Category:Policy]]

Designing Buildings at 16:55, 10 September 2018

2018-09-10T16:55:01Z

← Older revision		Revision as of 16:55, 10 September 2018
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	=== September 2018 ===		=== September 2018 ===

−	In September 2018, amidst reports that the government is considering the merits of continuing the scheme, the Home Buyers Federation (HBF) published a report highlighting its benefits.	+	In September 2018, amidst reports that the government is considering the merits of continuing the help to buy scheme, the Home Buyers Federation (HBF) published a report highlighting its benefits.

−	The report states that 170,000 homes were purchased through the scheme between its introduction in April 2013 and March 2018, of which more than 80% were first-time buyers. It also ~~states~~ that housing supply has increased by 74% since its launch, and that the value of the government's equity loan book has increased - the Treasury investment of £8.9bn over the first five years could now be worth £9.8bn.	+	The report states that 170,000 homes were purchased through the scheme between its introduction in April 2013 and March 2018, of which more than 80% were first-time buyers. It also suggests that housing supply has increased by 74% since its launch, and that the value of the government's equity loan book has increased - the Treasury investment of £8.9bn over the first five years could now be worth £9.8bn.

−	HBF chairman Stewart Baseley said, ~~“it~~ is quite clear that the Help to Buy scheme has been an unmitigated success and has delivered handsomely on all its objectives."	+	HBF chairman Stewart Baseley said, “...it is quite clear that the Help to Buy scheme has been an unmitigated success and has delivered handsomely on all its objectives."
		+
		+	Ref [https://www.hbf.co.uk/news/help-buy-unmitigated-success/ https://www.hbf.co.uk/news/help-buy-unmitigated-success/]

	= Find out more =		= Find out more =

Editor at 09:43, 6 September 2018

2018-09-06T09:43:39Z

← Older revision		Revision as of 09:43, 6 September 2018
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	= Introduction =		= Introduction =

−	The ~~Government~~ created the Help to Buy scheme to enable first-time buyers to get onto the property ladder and to support those moving up the property ladder.	+	The government created the Help to Buy scheme to enable first-time buyers to get onto the property ladder and to support those moving up the property ladder.

	There are four types of Help to Buy scheme:		There are four types of Help to Buy scheme:
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	= Mortgage guarantees =		= Mortgage guarantees =

−	In September 2016, the Chancellor confirmed that the Mortgage Guarantee Scheme would close to new loans on 31 December 2016. (~~Ref~~. [https://www.gov.uk/government/news/help-to-buy-helps-over-185000-people-achieve-home-ownership gov.uk Help to Buy helps over 185,000 people buy a new home, 29 September 2016].) It had been widely criticised for inflating the housing market.	+	In September 2016, the Chancellor confirmed that the Mortgage Guarantee Scheme would close to new loans on 31 December 2016 (ref. [https://www.gov.uk/government/news/help-to-buy-helps-over-185000-people-achieve-home-ownership gov.uk Help to Buy helps over 185,000 people buy a new home, 29 September 2016]). It had been widely criticised for inflating the housing market.

	Under the scheme, the government provided a guarantee to a mortgage lender, to help individual’s with a deposit of 5% to purchase a home. The guarantee was open to both first-time buyers and others moving to a new home (new build and older), with a purchase price of up to £600,000.		Under the scheme, the government provided a guarantee to a mortgage lender, to help individual’s with a deposit of 5% to purchase a home. The guarantee was open to both first-time buyers and others moving to a new home (new build and older), with a purchase price of up to £600,000.
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	It is possible to purchase a house through a shared ownership scheme if:		It is possible to purchase a house through a shared ownership scheme if:

−	* The household earns £60,000 or less, unless the property is in London where the maximum is £66,000 for a 1 or 2 bedroom or £80,000 for a 3 or more bedroom property.	+	* The household earns £60,000 or less, unless the property is in London where the maximum is £66,000 for a 1 or 2 bedroom or £80,000 for a three or more bedroom property.
	* The individual is a first-time buyer (or no longer can afford to buy one).		* The individual is a first-time buyer (or no longer can afford to buy one).
	* The individual rents a council or housing association property.		* The individual rents a council or housing association property.
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	= Updates =		= Updates =
		+
		+	=== January 2018 ===

	Statistics released on 11th January 2018, show that over 350,000 people across the UK have now used the government’s Help to Buy schemes to help purchase their own home.		Statistics released on 11th January 2018, show that over 350,000 people across the UK have now used the government’s Help to Buy schemes to help purchase their own home.
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	* Over 93% of completions across the Help to Buy schemes have taken place outside of London.		* Over 93% of completions across the Help to Buy schemes have taken place outside of London.

−	~~Ref~~. ~~[https://www~~.~~gov~~.~~uk/government/news/~~over~~-350000-people-benefit-from-support-~~to~~-buy-their-own-home gov.uk]~~.	+	=== September 2018 ===
		+
		+	In September 2018, amidst reports that the government is considering the merits of continuing the scheme, the Home Buyers Federation (HBF) published a report highlighting its benefits.
		+
		+	The report states that 170,000 homes were purchased through the scheme between its introduction in April 2013 and March 2018, of which more than 80% were first-time buyers. It also states that housing supply has increased by 74% since its launch, and that the value of the government's equity loan book has increased - the Treasury investment of £8.9bn over the first five years could now be worth £9.8bn.
		+
		+	HBF chairman Stewart Baseley said, “it is quite clear that the Help to Buy scheme has been an unmitigated success and has delivered handsomely on all its objectives."

	= Find out more =		= Find out more =

Designing Buildings at 11:07, 11 January 2018

2018-01-11T11:07:22Z

← Older revision		Revision as of 11:07, 11 January 2018
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	= Updates =		= Updates =

−	~~New statistics~~ released on 11th January 2018, show that over 350,000 people across the UK have now used the government’s Help to Buy schemes to help purchase their own home.	+	Statistics released on 11th January 2018, show that over 350,000 people across the UK have now used the government’s Help to Buy schemes to help purchase their own home.

−	The statistics released show ~~the following~~:	+	The statistics released show:

	* Over 350,000 completions have taken place using one or more of the Help to Buy schemes.		* Over 350,000 completions have taken place using one or more of the Help to Buy schemes.
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	* Over 93% of completions across the Help to Buy schemes have taken place outside of London.		* Over 93% of completions across the Help to Buy schemes have taken place outside of London.

−	(Ref. [https://www.gov.uk/government/news/over-350000-people-benefit-from-support-to-buy-their-own-home gov.uk]~~[https://www~~.~~gov.uk/government/news/over-350000-people-benefit-from-support-to-buy-their-own-home )]~~	+	Ref. [https://www.gov.uk/government/news/over-350000-people-benefit-from-support-to-buy-their-own-home gov.uk].

	= Find out more =		= Find out more =

Editor at 10:41, 11 January 2018

2018-01-11T10:41:26Z

← Older revision		Revision as of 10:41, 11 January 2018
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	= Mortgage guarantees =		= Mortgage guarantees =

−	In September 2016, the Chancellor confirmed that the Mortgage Guarantee Scheme would close to new loans on 31 December 2016. Ref [https://www.gov.uk/government/news/help-to-buy-helps-over-185000-people-achieve-home-ownership gov.uk Help to Buy helps over 185,000 people buy a new home, 29 September 2016]. It had been widely criticised for inflating the housing market.	+	In September 2016, the Chancellor confirmed that the Mortgage Guarantee Scheme would close to new loans on 31 December 2016. (Ref. [https://www.gov.uk/government/news/help-to-buy-helps-over-185000-people-achieve-home-ownership gov.uk Help to Buy helps over 185,000 people buy a new home, 29 September 2016].) It had been widely criticised for inflating the housing market.

−	Under the scheme, the government provided a guarantee to a mortgage lender, to help individual’s with a deposit of 5% to purchase a home. The guarantee was open to both first-time buyers and others moving to a new home (new-build and older), with a purchase price of up to £600,000.	+	Under the scheme, the government provided a guarantee to a mortgage lender, to help individual’s with a deposit of 5% to purchase a home. The guarantee was open to both first-time buyers and others moving to a new home (new build and older), with a purchase price of up to £600,000.

	In order to qualify, the home must:		In order to qualify, the home must:
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	It is possible to apply for a mortgage up to 95% of the purchase price, from an approved lender. NewBuy homes can be located within an area from the NewBuy website.		It is possible to apply for a mortgage up to 95% of the purchase price, from an approved lender. NewBuy homes can be located within an area from the NewBuy website.
		+
		+	= Updates =
		+
		+	New statistics released on 11th January 2018, show that over 350,000 people across the UK have now used the government’s Help to Buy schemes to help purchase their own home.
		+
		+	The statistics released show the following:
		+
		+	* Over 350,000 completions have taken place using one or more of the Help to Buy schemes.
		+	* Over 300,000 first-time buyer households are now on the housing ladder thanks to Help to Buy.
		+	* Over 93% of completions across the Help to Buy schemes have taken place outside of London.
		+
		+	(Ref. [https://www.gov.uk/government/news/over-350000-people-benefit-from-support-to-buy-their-own-home gov.uk][https://www.gov.uk/government/news/over-350000-people-benefit-from-support-to-buy-their-own-home )]

	= Find out more =		= Find out more =