Application Deadline For Help To Buy Scheme Confirmed

The government has confirmed the deadline for applications for Help to Buy ahead of the scheme fully ending in March next year.

Homes England has announced that applications from homebuyers has been set for 31 October 2022.

Help to Buy, which was launched in 2013, is now available only to first-time buyers and requires a deposit of just 5%. There are different price caps for the properties available through the scheme in in regions across the country. You can read about it in full here.

The government provides an equity loan of 20% (40% in Greater London) leaving the buyer to get a mortgage on the remaining 75% (55% in Greater London). The equity loan is interest-free for the first five years and only needs to be paid back on the sale of the property.

A Homes England spokesperson said: “When the scheme closes on the 31 March 2023, homebuyers must have legally completed on their home. The deadline for new applications is at the end of October to ensure consumers have enough time to complete their purchase including finalising conveyancing etc.”

A Department for Levelling Up, Housing and Communities spokesperson added: “Help to Buy has helped over 361,000 households to own their own home and will continue to help thousands of people until March 2023. The scheme is just one of the ways the government has made homeownership more achievable and affordable. Shared Ownership, First Homes and the Mortgage Guarantee Scheme continue to support many more people into homes of their own.”