Help To Buy For Teachers
The definitive guide to the help to buy for teachers scheme.
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How Does It Work?
The help to buy scheme has now ended for the majority of the UK, but there are still alternative schemes available. These include Joint Borrower Sole Proprietor, Shared Ownership and Right to buy. Which schemes are available may vary depending on what part of the UK you are in.
How Much Does The Loan Cost?
The help to buy for Teachers scheme is interest free for the first 5 years. After that you pay 1.75% interest which may increase by any increases in the retail price index plus 1%.
This information is only pertinent if you already have a help to buy loan, as you are no longer able to apply for new help to buy for teachers.
What If I Want To Sell after buying with the help to buy scheme?
Generally you can sell without any penalties. When you sell your property you will pay off the equity loan with the money from the sale.
This makes selling a reasonably straightforward process. However, there may be extra conveyancing costs that might be payable for repaying the help to buy loan.
How Do I Proceed?
Unfortunately as the Teachers help to buy scheme has ended you can no longer apply. However, you can consider alternative schemes, please get in touch to find out more.
Alternatives to help to buy
There are 2 main alternatives to the help to buy scheme. However, one has not been released yet.
- Shared Ownership – This scheme allows you to part buy and part rent your home. Meaning you can put down a smaller deposit. Perfect for those buying a house but they don’t have the income or deposit to buy the whole property. More on Shared Ownership here.
- First Homes Scheme – This is a new scheme announced by the government where you get a 30% discount on an eligible New Build property. We don’t have a great deal of information on the scheme. It is thought it will replace the help to buy scheme in the future.
These are fantastic programs to help Teachers buy homes. These schemes may only be available in certain parts of the country.
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