Requirements needed to qualify for the Help to Buy scheme

Through many frequently asked questions about the requirements needed, I have tried my best to sum them up below. True eligibility for the various Help to Buy schemes, is based on various criteria.

1. The house you are planning to buy must be of a certain value
   • In England, the help to buy equity scheme applies to homes costing up to £600,000.
   • In Northern Ireland the help to buy scheme is a shared ownership scheme for properties up to £165,000.
   • In Scotland the maximum threshold depends on the value of the property
   • In Wales, for homes costing up to £300,000.
2. You need to contribute a deposit to the purchase of your house, this is typically 5%, however this can vary depending on the scheme you join.
3. At the heart of the help to buy schemes is the requirement to purchase new built homes, however this may vary depending on the scheme you are joining.
4. The house you are planning to buy must be your only home
5. You need to agree to not sublet the property after purchase it.
6. The developer for whom you are purchasing from needs to registered for the help to buy scheme, they also need to have funding from the Homes and Communities Agency.