What’s changing with Help To Buy?

Angela Ellis

At the moment, you can still reserve and purchase using Help to Buy up for a property value up to £600,000. If you’re hoping to use this Help to Buy Equity Scheme though, you’ll need to get your application AND your reservation in before 15 December 2020. You will have just 3 months to complete on your purchase to meet the 31 March deadline, that’s the same date that the stamp duty holiday concludes. This HTB scheme has been running since 2013 and stops taking applications from 15th December 2020.

There are 3 key benefits to ensuring your application and reservation are in before that date;

  • You can currently use help to buy up to £600,000 but from the 16th December with the new scheme, the purchase price limit in Hertfordshire will be £407,400.
  • If you secure your home quickly, you’re more likely to meet the stamp duty holiday deadline of 31 March 2021. 
  • Thirdly, the new scheme is only open to first time buyers.

Essentially, if you’re a second time buyer, are looking at qualifying homes above £407,500, and want to save money on stamp duty, it would pay you to meet that deadline!

The new scheme, Help to Buy: Equity Loan (2021-2023), starts from 16 December 2020. If you’re a first time buyer eligible for this new equity loan, you could borrow up to 20% (40% in London) of the purchase price of a qualifying new build home. The qualifying refers to whether the developer has registered for the scheme or not. We’ll be able to tell you which of our new homes will be available through this scheme. 

You can read all about the new scheme here or pick up the phone and talk to one of our New Homes team by calling 01923 608373.