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 closure of the current Help to Buy scheme.

Perhaps more importantly the final date for homebuilders to take reservations under the current scheme is Tuesday 15th December 2020. This is to allow enough time for the transaction to complete by the end of March.

Help to Buy is available on homes up to a maximum price of £600,000 and is open to first time buyers and movers. After that, 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.

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 available on the Government website https://www.helptobuy.gov.uk/equity-loan/equity-loans/

The Farnworth Rose property team have extensive experience in dealing with Help To Buy matters and all clients will benefit from a fixed fee from the start. For a no obligation conveyancing quote please call 01282 695400 or click here for an instant online quote