Government equity loan

bobbyjoe87

Hi, 
Why is the government equity loan only available for new build properties? Whilst I was in the Navy the forces help to buy could be used on any aged property not just new so why is the government help to buy different.
I could pick up an older 2 bedroom house in my area for £50000 less than the new builds are going up in my area and they are bigger than the new builds going up.
But as with most first time buyers it's the deposit that is holding me back, but 5% on 150000 compared to 200000 might not seem alot but given the amount the banks are willing to give you makes it harder. 
So again why is the government help yo buy only available for new properties?

MovingForwards

Many people see the government and property builders as cohorts with each other.

It's for new properties only as that's what the government say.

I picked up a lovely old 2 bed flat, with private garden for about £45k less than a 2 bed new build with no garden as a FTB. 

It's a case of saving every penny possible to get the deposit and other costs together.

davidmcn

bobbyjoe87 said:

Why is the government equity loan only available for new build properties?

Largely because it was introduced to help get the newbuild market moving again (after developers had bought land based on pre-2008 assumptions about future values).