Michael Holmes, Chair of NACSBA, has written a piece for www.cabinetmaker.co.uk calling for the Government’s Help to Buy scheme to be extended to include people wanting to self-build. We quote below from the article.
“In response to the Committee’s question on funding, the sector would like to see the extension of the Help to Buy Equity Loan Scheme to include custom build homes. This would offer a 20 per cent equity loan from Government (40 per cent in London) to help people to build their own individual home through custom build. This scheme has already successfully boosted the sale of new homes by volume housebuilders by reducing the deposit required to buy a home to just five per cent. Those wanting to buy a custom build home find they need a minimum of £30-40k to be able to put down the deposit on a serviced plot, commission a design and commence building, using a stage payment self build mortgage. Help to Buy for custom build would open up the market to a whole new audience of hardworking people who can afford a mortgage but don’t have the deposit required to custom build and get the benefit of choice of design and specification.”
You can read the whole thing here