Extra time forHelp to Buy scheme

Extra time for Help to Buy scheme

Matthew Barrand Mortgages

Due to construction delays caused by the pandemic, over the summer the government announced an extension to the Help to Buy equity loan deadline.

Previously, new homes had to be finished by the end of December 2020, which has been extended to 28 February 2021, enabling homebuyers to benefit from the scheme despite the construction of their new homes being knocked off schedule. The deadline for the legal completion of the sale will remain 31 March 2021.

An extra measure announced will see Homes England support people who had a new home reservation in place before 30 June this year. Individual situations will be assessed and an extension provided if necessary, in which case the legal completion will be extended to 31 May 2021.

The new Help to Buy scheme, which introduces property price caps and is restricted to first-time buyers, is still scheduled to come into place from 1 April 2021, running until March 2023, with no plans for further extensions.