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04.08.2022

First-time buyers using help-to-buy scheme must reserve property by end of October 2022!

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Nadia Khan DipPFS Cert CII (MP), Wren Sterling

First-time buyers using help-to-buy scheme must…

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  • First-time buyers who want to take advantage of the government’s help-to-buy scheme will have to reserve a property by the end of October 2022, it has emerged – two months earlier than had been expected.
  • The scheme, which offers an equity loan to buyers to enable them to buy a new-build property with a deposit of just 5%, is set to end in March 2023 – a decade after it was launched to kickstart the housing market after the financial crisis.
  • Buyers must complete their purchase by then, so the deadline for applications was expected to be at the end of this year.
  • The move to set it earlier, has been briefed to developers but not widely publicised.
  • Homes England, which runs the scheme, changed the guidance on its website on 20th May 2022. Application will now close at 6pm on 31 October 2022.
  • The help to buy scheme was launched by George Osborne in 2013 in a bid to restart the ailing housing market. Initially there were two parts, a mortgage guarantee and the equity loan scheme, and they were available to all homebuyers.
  • In London, buyers can take a government loan worth up to 40% of a purchase price up to £600,000, while elsewhere they can borrow 20%. Outside the capital the price cap ranges between £186,100 and £437,600.
  • The loans are interest-free for the first five years. They can be repaid at any time, but must be settled when the home is sold, or the mortgage is paid off.
  • London property
  • Help to buy mortgages
  • property
  • Mortgages
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Nadia Khan DipPFS Cert CII (MP) Wren Sterling

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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