21 Aug Help to Buy Extension

The deadline for homes to have been finished in order to comply with the equity loan scheme has been extended to ensure customers do not miss out if there has been a delay in construction due to the pandemic.

Under the current scheme, new homes would needed to have been finished being built by the end of December – but with the new extension,  the deadline will now move to 28 February 2021, helping thousands of customers to get the keys to their new home. The deadline for the legal completion of the sale will remain the same – 31 March 2021.

The government is also announcing an extra measure to protect existing customers who have experienced severe delays as a result of coronavirus.

Homes England, the government’s housing accelerator, will work with those who had a reservation in place before 30 June to assess their situation and look to provide an extension where necessary. In which case, they will have until 31 May 2021 to legally complete.

Separately, the government’s new Help to Buy scheme, which will replace the current scheme, will come into place from 1 April 2021 and run until March 2023 as planned and there are no plans for further extensions. The new scheme introduces property price caps and is restricted to first-time buyers only, supporting people onto the housing ladder.