Help to Buy

Help to Buy: Equity Loan scheme coming to an end

5 min read
Tweedy Road 09282021 141626

The government’s Help to Buy: Equity Loan scheme is ending soon, it was announced in May that final applications for the scheme must be submitted no later than 6pm on 31 October 2022.

The scheme which was first introduced in 2013 is set to officially end in March 2023, this will be the deadline for all legal completions under the scheme. Through the scheme, the government has loaned in total around £22bn to home buyers.

The Help to Buy: Equity Loan allows the government to offer up to 20% of a newly built house or flat’s value (up to 40% in London) in the form of an equity loan, with the home buyer able to put down a minimum 5% deposit. The equity loan is interest-free for the first five years.

Could it be extended again?

The then Chancellor, Phillip Hammond extended the Help to Buy: Equity Loan scheme from 2021 – 2023 in his Autumn 2018 budget. However, the government has since confirmed that it will not maintain the initiative beyond this new deadline.

What does this mean for those wanting to buy through Help to Buy: Equity Loan?

This means that you have only a few months to find your new Help to Buy home – we still have some great opportunities available:

Jazz Yard, Walthamstow

The Wollaston Collection, Bromley

Southwood Mews, Farnborough

For more information on how the Help to Buy: Equity Loan scheme can support you with your first home purchase please click here.

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