From 1 April 2021 the current Help to Buy scheme will be replaced with a new scheme for first time buyers only. The last date to reserve a property under the current Help to Buy scheme is Tuesday 15 December 2020.
How can you still benefit from the current Help to Buy Equity Loan scheme?
The current Help to Buy Equity Loan scheme, is available for both first time buyers and existing homeowners purchasing a new build home up to the value of £600,000. In order to use the current scheme, you must reserve your property by 15 December 2020 and the building completion date for your property must be no later than 28 February 2021. This is to ensure the sale is legally completed before the scheme comes to an end on 31 March 2021.
How will the new Help to Buy Scheme work?
The new Help to Buy scheme will be for first time buyers only. The new scheme will also be subject to regional price caps, which means that the amount you can purchase a home for when using the scheme is dependent on where in England you are purchasing a home.
For properties in Yorkshire and The Humber, the Help to Buy scheme will be eligible for any property up to £228,100 purchased by first-time buyers. The purchasers will eligible to a loan of up to 20% of the property price.
If you have any queries about the current and future Help to Buy schemes, please contact our Sales Team by emailing email@example.com.