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Help-to-buy scheme gets two-month extension

3rd August 2020

The Government has extended a scheme which is designed to help those who are struggling to save for a mortgage deposit.

Buyers who use the help-to-buy equity loan scheme now have until 28 February 2021 for their new-build homes in England to be finished.

The previous deadline of 31 December 2020 was pushed back due to delays caused by the closure of building sites during lockdown.

However, the deadline for the legal completion of the house purchase will remain the same - 31 March 2021.

The scheme enables buyers to borrow up to 20% of the cost of a new-build home in England from the Government, and up to 40% in London.

Chris Pincher, housing minister, said:

"This will help provide certainty and assurance for help-to-buy customers whose new homes have been delayed due to coronavirus and affirms the Government's commitment to helping more people own their own home."

From 1 April 2021, the Government's new help-to-buy scheme will replace the current scheme and is currently due to run until March 2023.

The new scheme will introduce regional property price caps and be restricted to first-time buyers only.

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