The first Help to Buy deals are now coming to an end

The first Help to Buy deals are now coming to an end

The Help to Buy scheme was rolled out in April 2013 and recently made headlines (albeit not necessarily front-page ones) by being rolled out to March 2023.  While it may be a matter of debate whether the Help to Buy scheme is a useful scheme to help those struggling with house purchases or just a backdoor hand-out to home builders which simply works to keep house prices artificially high, it is a matter of fact that the interest-free loan only lasts for five years, after which the government charges interest of 1.75% on the original loan amount, increasing each year by RPI plus 1%. This means that from now until (currently) 2028, a percentage of home owners who have bought their homes using the Help to Buy equity loan scheme will be seeing their payments increase.

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The challenges of stepping up

The challenges of stepping up

Getting on the housing ladder is all very well, but if you start off your time as a home owner by purchasing a small property then you may well find yourself in a similar situation to first-time buyers if you later decide you wish to move to a larger home, for example in order to start a family.  

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Understanding offset mortgages

Understanding offset mortgages

With traditional mortgages, you take out a loan from the bank and you make monthly payments which either pay of the interest and a portion of the capital (repayment mortgages) or simply cover the interest with the capital being repaid at the end of the loan period (interest-only mortgages).  Then there are offset mortgages, which work rather differently.

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The challenges of climbing the housing ladder

The challenges of climbing the housing ladder

The media regularly features the plight of first-time buyers looking to get on the housing ladder, but it can be difficult for those already on it to move to the next rung, especially if they need a more expensive property, for example to have more space for children.  Even downsizers can struggle to find a property which suits their needs and makes it worth the cost and upheaval of moving.  If you’re already on the property ladder and considering a move, here are three points you might want to think about.

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