Published 07 Aug 2020

Help To Buy scheme extended as a result of COVID-19

On Friday 31st July 2020, the Government announced a two-month extension of the Help to Buy scheme

The government have recently announced that they will be extending the current Help to Buy scheme to support first time buyers looking to get on the property ladder.

Under the current Help To Buy scheme, which is due to end in March 2021, new homes were required to be completed by the end of December for buyers to qualify for the government equity loan.

However, this has been extended to February 28th 2021 in response to delays caused by COVID-19 on building sites across the country.

This extension will help thousands of first time buyers as well as second steppers by ensuring they don’t miss out on buying their new home as a result of construction delays. The deadline for the legal completion on the sale of homes will remain as March 31st 2021.

Additionally, in order to protect existing purchasers who have encountered severe delays due to the Coronavirus pandemic, it has also been announced that Homes England will work with those who had reservations in place before June 30th 2020 to assess their situation and look at providing extensions where necessary. In this case, the buyer will have until May 31st 2021 to legally complete on their home.

New Help To Buy scheme coming soon

The government have also confirmed a new version of Help to Buy is due to replace the current scheme, coming into effect from April 1st 2021 and running until March 2023. This change will see updates to the eligibility criteria including the implementation of regional price caps and the scheme being restricted to first time buyers only.

More information on the new Help to Buy scheme can be found at https://www.helptobuy.gov.uk/equity-loan/help-to-buy-equity-loan-2021-2023/ 

Search Help To Buy homes available from Peabody

Peabody are one of the largest housing associations in the UK with a selection of Help To Buy homes available throughout London. Take a look at our property search to find the perfect home for you.

Search Help To Buy Homes
Help To Buy


Related articles...

Published 22 Jul 2021

Enjoy a Sizzling Summer in the City

With hotter weather and bluer skies showing us that summer is finally... here, it is the perfect time to start planning your summer bucket list. Our London developments offer residents a wide range of activities to enjoy this summer on their doorstep.

Published 09 Jul 2021

The Solicitors Role in The Conveyancing Process - What you need to know

If you've found your dream home and have appointed a suitable solicitor... to oversee the but are unclear about the 'mysterious' process that happens before you exchange and then complete on your home purchase. This article breaks down the steps to help you understand the conveyancing process.