Help to buy scheme - Clarity

[opethdisciple]

I've been saving up and living with parents for the past 10 odd years whilst I have more or less saved up most of my annual earnings.

I'm starting to explore the property market and looking to move out possibly late 2016.


Wont bore you with the details. But I'm trying to get my head round the 'Help to buy scheme'.

This article seems to suggest that the scheme is going to end at the end of 2016 but it also says and I quote "The government has committed to continuing the help-to-buy loan scheme on newbuild properties until 2020."


But the article makes no sense as it is saying that the Government needs to come up with a scheme to replace the Help to buy scheme before it ends and in the same breath it says that the Government is committed to maintaining it until 2020.

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Hmm for some unknown reason, the url (nothing special) comes out weird when I link to it on these forums.

http://www.theguardian.com/money/20...ds-replacement-mortgage-guarantee-first-time- buyers

As you can see I had to put a space before buyers otherwise it came out like this:

http://www.theguardian.com/money/20...eeds-replacement-mortgage-guarantee-first-tim*******s

 

[McBain]

I'm assuming they mean the 2016 end date is for non new builds, but will continue until 2020 for new builds.

The scheme, which offers banks and building societies a government guarantee on mortgages of up to 95% loan to value (LTV) on existing properties, was launched in late 2013 as part of a series of measures to kickstart the housing market. But it is scheduled to end in 2016.

The government has committed to continuing the help-to-buy loan scheme on newbuild properties until 2020.

 

[M1k3H]

There's two different schemes.

Are you looking for new builds? (Help to Buy or Mortgage Guarantee is what you need to get)

Or existing houses? (Mortgage Guarantee is what you need to get)

 

[opethdisciple]

I'm assuming they mean the 2016 end date is for non new builds, but will continue until 2020 for new builds.

Cheers.

Few.... thought maybe I'd missed the boat on that.