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Deadline Day Looms for Help to Buy Reservations

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Whilst much of the property market has recently been focused on the Stamp Duty holiday, the 31st March 2021 also sees the end of the current Help to Buy Equity Loan scheme as we know it.

Perhaps more importantly the final date for new home buyers to make an application under the current scheme is Tuesday 15th December 2020. This is to allow enough time for the purchase transaction to complete by the end of March.

Help to Buy is available on homes up to a maximum purchase price of £600,000 and is open to first time buyers and movers. After March, a new Help to Buy Equity Loan for first time buyers only will replace it and the amount you can spend on your home will depend on where in England you are moving to.

Below is a summery of the difference between the two schemes.

Current Help To Buy Scheme - reservations by 15th December 2020 for completion by 31st March 2021.

  • Available to first time buyers and home movers
  • You must have a deposit of 5% or more
  • You can borrow up to 20% of the property price through the HTB scheme (40% in London)
  • The maximum property price is £600,000          

New Help To Buy Scheme - open for applications now for completions from 1st April 2021 and will end on 31st March 2023.

  • Available to first time buyers only
  • You must have a deposit of 5% or more
  • You can borrow up to 20% of the property price through the HTB scheme (40% in London)
  • The maximum property price varies by region between £186,000 and £600,000

Further details are also available on the Governments website https://www.helptobuy.gov.uk/equity-loan/equity-loans/

Rowlinsons’ dedicated new build purchase team have extensive experience in dealing with new build and Help To Buy matters and all of our clients benefit from free use of our mobile conveyancing app to improve speed and communication during the process.

For a no obligation conveyancing quote please call 0800 047 8182 or click here for an instant online quote.