On Friday the Government announced a two-month extension to the Help to Buy scheme in England. This will help home buyers who have suffered delays because of coronavirus. The move extends the deadline from the end of December to February 28th 2021. The scheme does, however, still require legal completion of purchases by the end of March 2021 to qualify.
Help to Buy equity loans lend up to 20% of the value of the home. This is increased to 40% in London, to reduce mortgage costs for buyers. Since the start of the scheme on 1 April 2013, 272,852 property sales have been completed.
Housing Minister Rt Hon Christopher Pincher MP stated “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.” “Today’s announcement 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.”
The scheme is set to be replaced from April 2021 with a new Help to Buy scheme only open to first-time buyers. Regional price caps will be applied to restrict the number of eligible properties. This will come into place from 1 April 2021 and run until March 2023 as planned. After this date there are no plans for further extensions.
At Avery & Co. we are members of RICS and we specialise in the valuation of property for the Help to Buy Scheme and our reports are fully compliant with government requirements. Our team are happy to guide you through what is potentially a complicated process. We can help walk you through it with as little stress, upset or confusion as possible. You can get in touch with our friendly staff who can help guide you with any questions or queries you may have.
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