Help to Buy deadline date has been extended

The Help to Buy equity loan scheme has been extended to 31 May.

The deadline was changed due to the impact of the pandemic on the housebuilding industry. Covid-19 has disrupted the time it takes developers to build houses, coupled with conveyancing transactions being slow over the past few months.

The two months’ extension will help to accommodate buyers and builders with applications already underway.

Homes England said in a statement:

“We are extending legal completion to May 31 2021 due to delays caused by Coronavirus.

“This allows an extra two months for homebuilders to complete the build and for homebuyers to legally complete and get the keys to their home.

“There will be no more extensions, so we are asking homebuilders to continue to build at pace.”

Applications for the current scheme ended on December 15 2020.

The new version of Help to Buy is limited to first-time buyers and subject to regional price caps, while it runs until the March 31 2023.

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