The Government has just extended the Help-to-Buy scheme which is designed to help those who are struggling to save for a mortgage deposit.
Buyers who use the Help-to-Buy equity loan scheme now have until 28 February 2021 for their new-build homes in England to be finished. The previous deadline of 31 December 2020 was pushed back due to delays caused by the closure of building sites during lockdown.
However, the deadline for the legal completion of the house purchase will remain the same – 31 March 2021.
The scheme enables buyers to borrow up to 20% of the cost of a new-build home in England from the Government, and up to 40% in London.
Afford Bond Director, Paul Edwards said: “First time buyers need more certainty and assurance with the Help-to-Buy scheme. This move confirms the Government’s commitment to helping more people own their own home and it’s good news for Landlords too.”
From 1 April 2021, the Government’s new Help-to-Buy scheme will replace the current scheme and is due to run until March 2023. The new scheme will introduce regional property price caps and be restricted to first-time buyers only.
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