Help to Buy Deadline

Help to Buy Deadline

The Government’s Help to Buy scheme ends on 31 March 2023 but the deadline to apply for the loan is 31 October 2022.

The equity loan scheme was introduced 10 years ago, initially open to existing homeowners as well as first time buyers but since 2019 it has only been available to first time buyers. It allows you to borrow 20 percent of the purchase price interest free for five years but only applies to new build properties. You must have a deposit available of at least 5 percent.

To apply for Help to Buy: Equity Loan, you must reserve your home with a homebuilder registered with the scheme and submit your Property Information Form (PIF) to your Help to Buy agent.

This should allow enough time for you to legally complete the purchase of your home before the scheme ends on 31 March 2023.

The Government has no plans to replace the scheme.

The Help to Buy ISA has already been closed to new applicants since 2019 although existing accounts can still be used to claim the bonus when buying your first home until 1 December 2030.

Lifetime ISA’s (LISA) are still available where the government adds a 25% bonus to your savings each year up to a maximum of £1,000 a year. The funds can be used towards the purchase of your first home.

If you are considering buying your first home and would like a free, instant online quote please visit our web site.

We also have a Moving Home Guide to help you with planning your move along with guides to help you understand the process on our web site.