As criticisms are levelled at the Help to Buy scheme, now extended to 2023, Eleanor Doughty examines the pros and cons
THREE magic words: help to buy. The landmark scheme was launched in 2013 (www.helptobuy.gov.uk), but, last November, the news came that, by 2023, it would be scrapped.
The scheme has two elements that are key to first-time buyers. The first is the Help to Buy ISA, which you can pay into monthly and have your savings boosted by 25% by the government, to a maximum of £3,000. The second is the Help to Buy equity loan, in which the government lends up to 20% of the cost of a new-build home (40% in London), with no loan fees for the first five years.
According to Government figures published in August, more than 420,000 people have used the Help to Buy scheme to buy property, with more than 1.2 million ISA accounts opened. Further data shows that more than 365,400 first-time buyers have accessed the housing ladder through it.
However, the scheme has been widely criticised. After homeowners were accused of exploiting the system (apparently, one in four people using the scheme already owns a home), the new iteration, effective from April 2021, will be more restrictive and limited to first-time buyers.
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