The UK government has announced this that a new ‘Help to Buy’ scheme aimed at getting First Time Buyers on the property ladder will be launching next month.
Homes England has revealed that applications for the Help to Buy: Equity Loan scheme – which sees the government lend up to 20% (40% in London) of the cost of your newly-built home – will open on Wednesday 16th December.
First Time Buyers will be able to apply for new build homes, and it will cover the period of 2021 – 2023.
Those ready to get their foot in the housing market will need to provide a deposit of at least 5%, and the mortgage offer must be to the value of 25% or higher in order to make up the remaining amount.
No interest will be charged on the 20% loan for the first five years of owning the home.
ADVERTISEMENT
There are also a number of eligibility requirements for the house, which states that it must be newly-built and can cost up to £600,000, and it’s also required that applicants can provide proof of the ability to afford the monthly fee and interest payments.
They must also not own any other properties, and are not permitted to sublet or rent out the property after purchasing it.
Homes can be reserved using the scheme from mid-December, allowing purchasers to collect the keys to move in to their new property from 1st April 2021.
The Help to Buy: Equity Loan scheme is due to end on 31st March 2023.
Speaking about the new scheme, Robert Jenrick – Secretary of State for Housing, Communities and Local Government – said: “The government is providing more ways to help families onto the housing ladder, and provide that life-changing moment when you get the keys to your own home.
ADVERTISEMENT
“Alongside First Homes, Shared Ownership and our £12bn investment in affordable housing, our new Help to Buy scheme will help thousands more families take their first step into a home of their own.”
Homebuyers can apply for a Help to Buy: Equity Loan (2021-2023) from 16 December 2020, with a homebuilder registered for the scheme. pic.twitter.com/IcTPzE78VX
Will German – Director of Help to Buy at Homes England – added: “Help to Buy has already helped more than 270,000 people into homeownership and 82% are first-time buyers. We’re pleased we can help homebuyers with smaller deposits to own a home, at a time when there are fewer options open to them.
“Housing, like most sectors, has experienced a slowdown during the COVID crisis, but Help to Buy continues to give homebuilders the confidence to keep on building at a more crucial time than ever.”
Those planning on utilising the Help to Buy: Equity Loan scheme are encouraged to note that Homes England will then have an entitlement to any proceeds in the future sale of the home, and will seek to take the same percentage of the profits as what it originally put in.
You can find more information about the Help to Buy: Equity Loan scheme via the gov.uk website here.
Trending
Manchester has been named one of the ‘friendliest’ cities in the UK
Emily Sergeant
A new study has crowned Manchester as one of the ‘friendliest’ cities in the UK.
With reviews playing a huge part in the success of small businesses – especially in the hospitality and tourism sector – business insurance expert MoneySuperMarket has analysed more than 100,000 reviews of customer-facing businesses in over 100 cities worldwide to discover where the UK’s ‘friendliest’ places are.
Their new research reveals which cities nationwide attract the highest number of reviews that particularly highlight friendly staff and excellent customer service in their venues and attractions.
For each city, the reviews were analysed for mentions of friendly staff and excellent service.
Cities were then ranked by the percentage of reviews containing these markers – with the highest percentage earning the top spot for friendly customer service.
Manchester came in at a very respectable ninth place in the whole of the UK, with just over 50% of reviews mentioning friendly staff and service.
Other northern cities in the top 10 include Leeds at number six and Liverpool at number two, while looking at the global rankings, the UK dominates for friendliness – with four cities making the top 10, more than any other country in the world.
According to MoneySupermarket, the even spread of cities across the UK suggests that excelling in customer service is a national trait, rather than a local one.
European cities make up seven of the top 10 spots, suggesting that hospitality and friendly service are deeply embedded in the continent’s culture.
Featured Image – Manchester City Council
Trending
Bolton man sets Guinness World Record for most fish fingers eaten in a minute
Emily Sergeant
A man from Bolton has set a very unique world record.
Nathan Davies, from Westhoughton in Bolton, is on a roll – first he won £98,000 on ITV‘s hit gameshow The 1% Club, and now he’s a world record holder.
After telling the show’s host, Lee Mack, that he wanted to break a world record, the 32-year-old has followed through on the promise he made on national television by claiming the title for the most fish fingers eaten in one minute.
The dad-of-two managed to scoff down 15 fish fingers in 60 seconds.
A man from Bolton man has set the Guinness World Record for the most fish fingers eaten in a minute / Credit: Guinness World Record
Nathan chose fish fingers as they’re a staple in his household thanks to his two young boys, and after first testing how quickly he could eat four of them, he decided to go for the official Guinness World Record attempt.
“I decided fish fingers was achievable given that I’ve got a few less formal eating records, so it’s up my street,” Nathan explained of his world record attempt.
Despite his impressive effort though, Nathan admits he was still a little gutted about how many he managed to chow down in the allotted time, adding: “I think I could have done more if I had let them cool down longer, but just happy to have the record.”
Nathan says it’s a ‘bit strange’ to have an official Guinness World Record for eating fish fingers, of all things, but he is ‘very proud’ of it all the same.
Emily Sergeant -
19th November 2020 
