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 Jun 2021

Rent to buy - What is it and how can it help you?

Are you interested in becoming a homeowner? There are several schemes... which can help you on to the property ladder. However, if you have not saved a high enough deposit to be able to purchase your dream home, then as a first-time buyer don’t fret! The Rent to Buy scheme is a popular option. This post will look at reasons why Rent to Buy could be the option for you...

Published 21 Jun 2021

Brothers purchase spacious and accessible home at Limebrook Walk with Shared Ownership

David and his twin brother Daniel had endeavoured to find a suitable... accessible home for many years. Whilst rented properties gave them a place to live they were not always appropriate for their needs or making adaptations. Read more...