First time buyers using help-to-buy scheme should reserve property by the end of October | Help-buy scheme

First time buyers who want to take advantage of in governments help-to-buy scheme will have to reserve property by the end of October, he appeared – two months earlier than expected.

A scheme that offers buyers a loan secured by shares so they can buy a new-build property with Deposit of just 5% is set In the end in March 2023 – ten years after launch for housing launch. market after financial a crisis.

Buyers should complete them purchase by the time so deadline for applications expected at the end of this is year.

move to set it used to be first Sunday Telegraph reports. developers but did not receive wide publicity.

The houses of England runs scheme, changed management on this is website on May 20 to update builders on in new term. Now the application will close at 18:00. on October 31, 2022

help to buy the scheme was started by George Osborne in 2013 in sick housing restart application market. Initially there were two parts, mortgage guarantee and the equity loan scheme, and they were available to all homebuyers.

From December 2020 Equity Loan Scheme for England open to bids from first only temporary buyers and were regional price caps for qualifying characteristics.

In London, buyers can take government loan worth up up to 40% of a purchase price up up to £600,000, while elsewhere they can charge 20%. outside the capital price the cap ranges from £186,100 to £437,600.

Interest-free loans for in first five years. They can be repaid at any time, but must be settled when home selling or paying off a mortgage off.

government data show what’s the end of last year 355 634 objects worth cumulatively, £99 billion was purchased. with a loan secured by shares, and that total value of loans issued amounted to 22 billion pounds.

representative for Homes England says dates have been agreed with in government and informed key parties concerned.

“When the circuit closes on On March 31, 2023, homebuyers were required to legally exchange on them home. Deadline for new applications at the end of from October to ensure consumers have enough time to complete them purchase”, the representative said.

Although most of those using the scheme was the first buyers of the time, it was controversial. Previously it year house of The Lords’ Committee said the scheme had spurred up prices by more what was the loan worth buyers and that subsidies “do not provide good value for money”.

Department for alignment up, a spokesman for housing and communities said: “The scheme just one of way government It has made home ownership more achievable and accessible. “Community Ownership, First Homes, and the Mortgage Guarantee Scheme Continue support a lot of more people in homes of them.”


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