Help to Buy Repayments

Help to Buy repayments on the rise

By 2030, more than 104,000 Help to Buy accounts will reach the end of their interest-free period.

The Help to Buy scheme ran for ten years, between 2013 and 2023. Buyers of new builds were lent up to 20% (or up to 40% in London) of the property’s value as an equity loan. The loan is interest-free for five years and is repayable when the home is sold.

According to a Freedom of Information request, there are already 101,000 Help to Buy accounts that have become interest-bearing. The average monthly interest payment on a Help to Buy loan is approximately £107.

If you’re faced with higher monthly repayments, you don’t have to go through it alone. Professional advice can help you take control of your finances.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Sources:

https://www.yourmoney.com/mortgages/first-time-buyer/exclusive-over-104000-help-to-buy-accounts-set-to-come-to-end-of-interest-free-period-by-2030/