The Government is updating the terms of its Help to Buy scheme for new applications with effect from December 16th 2020.
From April 2021 to March 2023, when the scheme is set to end. Help to Buy equity loans will only be available to first time buyers.
New regional price property caps will be applied, set at 1.5 times the average forecast regional first time buyer price, with a maximum of £600,000 in London.
North East: £186,100
North West: £224,400
Yorkshire and the Humber: £228,100
East Midlands: £261,900
West Midlands: £255,600
East of England: £407,400
London: £600,000
South East: £437,600
South West: £349,000
The new ‘Homebuyers Guide to Help to Buy: Equity Loan 2021 – 2032’ can be dowloaded from our Mortgage Guides.