Help to Buy now closed to new applicants
Help to Buy applications closed on October 31st
The Help to Buy equity loan scheme officially closed to new applications at 6pm on Monday 31st October, 2022.
If you’re a homebuyer eligible for the equity loan, and you submitted your application before the cut off, your homebuilder must finish building your home by Saturday 31st December, 2022. You must then legally complete by Friday 31st March, 2023 and you’re expected to have the keys to your new property by 6pm. It has been confirmed that there will be no extension or exceptions.
What is Help to Buy?
Help to Buy is a government-backed scheme which aims to help first time buyers onto the property ladder.
The scheme provides eligible buyers with an equity loan (also known as shared equity) of up to 20% of the value of a new build home. The government provides the 20% loan (or 40% in London) so the buyer only needs to raise a 5% deposit, with a 75% mortgage (or 55% in London) making up the rest.
What are the alternatives for Help to Buy?
Since its inception in 2013, the Help to Buy equity loan has helped tens of thousands of buyers to purchase a home.
While Help to Buy may have closed to new applicants, there are still many other alternative housing options available to first time buyers. For those interested in purchasing a home, you may wish to learn more about the following home-buying schemes and affordable rental products:
- Shared Ownership
- First Homes
- Discount Market Sale
- Discount Full Ownership
- Deposit Unlock
- Intermediate Rent
- London Living Rent
- Rent to Buy
- Lifetime ISA for deposits
Share to Buy is a one stop shop for affordable homes. On our website, you can search for properties, compare mortgages and find out all you need to know about alternative home buying schemes such as Shared Ownership via our article index.