Help to Buy is ending! Time is ticking to get your dream first home

06 Jul 22

The Help to Buy equity loan scheme will close to new applicants at 6pm on 31st October 2022, so there is no time like the present to pick your dream new build property and turn it into your home.  You only need a 5% deposit for this to become a reality, allowing your savings to get you a home that could be much better than you thought you could afford.  Don’t miss out – it’s an opportunity of a lifetime!

How it works for purchasers:

  • You must be over 18, a first-time buyer and able to afford the fees and interest payments.
  • The property you buy with your equity loan must be a new build, sold by a Help to Buy registered homebuilder, the only home you live in or own and must not have been lived in by anyone before you buy it.
  • You’ll need to pay a minimum deposit of 5% of the property purchase price and arrange a repayment mortgage of at least 25% of the property purchase price.
  • There’s also a ‘maximum property purchase price’ limit for the home you buy depending on which region it’s in. In the East of England it is £407,400.
  • All applicants must meet the eligibility criteria. If you are married, in a civil partnership, or cohabiting with your partner, you must make a joint application.

You do not have to pay interest for the first 5 years and in the sixth year, you will be charged interest at a rate of 1.75%.  This will be applied to the equity loan amount you originally borrowed (the equity loan percentage of the property price).  This annual interest is spread over the year in monthly payments.

The deadline to reserve your home with a registered homebuilder and submit your application to your Help to Buy agent is 6pm on Monday 31 October 2022.

For Developers

Any Developers wishing to use the Help to Buy scheme need to submit applications and forecasts to Homes England by 29th July 2022 and ensure homes have reached practical completion by 31st December 2022.

The second longstop date is the date that the Developer is required to have legally completed the sale of the eligible dwelling to the eligible purchaser and means they must legally complete by 31st March 2023.

Find your dream new home via Fenn Wright at one of the developments we are marketing below, where Help to Buy is available:

For further information please visit gov.uk or contact us on 01206 507666.

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