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/
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