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Q&As
Can I Get Help to Buy if I Build My Own House?
Can I get financial help under the Help to Buy scheme if I build my own house? As it's obviously a new property.
And in that case, would I get Help to Buy before I start building or after the house is finished?
2 Answers
Sadly, no.
The Help to Buy scheme does not extend to self builders, only to the speculative new build sector.
However, one of NaCSBA’s aims is to introduce a similar scheme under the Right to Build umbrella to self and custom builders.
This is from the NaCSBA Manifesto for England:
“Introduce a ‘Right to Build’ equity loan scheme for custom and self build homes to equalise the position compared with the speculative new build market.
“Help to Buy Equity Loan has provided a major boost to the speculative new build sector, allowing access to cheaper mortgages with lower deposits by providing a loan of 20% of the value of a property up to £600,000, interest free for the first five years. The scheme is funded until 2021.
“An equivalent but bespoke scheme for the custom and self build sector, using the Right to Build brand, would enable the sector to expand and grow by creating access for those without the substantial cash deposit currently required. The structure of the scheme would ensure that it is focused on more affordable and lower risk builds, capped at a completed market value of £600,000 in line with Help to Build.”
Mike Hardwick, Build It expert.
Hi Peter,
You don’t say where you are looking for land to self build, but perhaps the latest news from Wales could be of interest to you.
The Welsh Government has unveiled a £210 million scheme to boost self build in the country.
In a move similar to Help-to-Buy, applicants can reserve land by providing 25% of the deposit, with the rest financed by the Welsh Government through the Development Bank. The scheme will be available to people who are building their main residence, which is not to be rented or sold in five years.
You can read more about this initiative here: £210m Self Build Fund in Wales Announced
Sofia Delgado, digital assistant editor