Ready to take the exciting next steps to buying your first property? The Government’s Help to Buy scheme has helped millions purchase the home of their dreams with just a 5% deposit. For everything you need to know about this great initiative, we’ve compiled a list of some of the most commonly questions.
Can I purchase a home off-plan?
Absolutely! You are able to reserve a new home off plan at any time. You do however need to complete the sale within six months from the exchange of contract & ensure that your mortgage offer is valid through to legal completion.
Is part exchange available with Help to Buy?
No unfortunately not, like all new home builders, Eccleston Homes cannot accept Part Exchange on a Help to Buy home.
Does stamp duty charge still apply?
The standard rules and procedures for Stamp Duty Land Tax (SDLT) apply to all Help to Buy purchases. SDLT is payable at the time of purchase, on the full purchase price of the home. That is, the amount paid by you (the first mortgage and any cash contribution) plus the value of the Help to Buy loan. There is no further SDLT to pay on any ‘staircasing’ repayments or repayment when the home is sold.
Are there any restrictions on the type of home I can purchase?
Help to Buy is available on new build developments where the Homes and Communities Agency has a registration with the house builder. The maximum purchase price with Help to Buy is £600,000.
Can I own other homes and purchase a Help to Buy home?
The answer is no. Help to Buy is designed to assist you to move on to or up the housing ladder and must be your only residence – meaning you will be expected to sell your current home if moving up the ladder.
You can however be in the process of selling your home when you purchase on the Help to Buy scheme as long as your sale completes before the purchase of the new home.