The deadline for homebuyers to take advantage of the current Help to Buy scheme has been extended to the 31st May 2021.
The Help to Buy equity loan scheme enables people to buy a new-build home with a 5% deposit. The government tops the deposit up with a 20% loan, which remains interest-free for five years.
The qualification deadline for Help to Buy loans is the final date the construction of a property can be completed. In many cases, the building work on homes was severely delayed due to the first national lockdown, the May deadline applies to all buyers and builders.
Housing Minister Rt Hon Christopher Pincher MP: “This government is committed to helping a new generation to realise their dream of home ownership, and since 2010 we’ve helped more than 640,000 families into home ownership through our support including Help to Buy and Right to Buy.”
“[The extension] will help provide certainty and assurance for Help to Buy customers whose new homes have been delayed due to coronavirus and affirms the government’s commitment to helping more people to own their own home.”
There is a new Help to Buy scheme available to all buyers from 1st May 2021. For more information, take a look at this guide.