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Help To Buy & The New Changes

Reasons to choose Wilson Browne

Help to Buy is a Government backed equity loan scheme available to purchasers of new build homes available to make moving more affordable.

However, the current scheme will end on 31st March 2021.

How does it currently work?

Qualifying purchasers have the benefit of the Government lending them up to 20% (40% for some London properties) of the cost of their new build property. The purchaser will need to find a 5% deposit and obtain a mortgage for the remaining 75%.

The first 5 years of the Government loan are interest free.

The Government loan is secured against the purchaser’s home by way of a second charge, ranking behind that of the first lender and will need to be repaid in due course. The amount to be paid back will depend upon the value of the property at the time of repayment of the equity loan.

What is changing?

After 31st March 2021 the scheme will only be available to first time buyers and new regional prices caps will apply.

Applications for the new scheme can be made from 16 December 2020. The scheme will run for two years.

If you’ve applied for a help to buy equity loan under the current scheme (and there’s still some time if you would like to do this), your builder will need to complete building your home by 28th February 2021. In addition, completion of your purchase must take place before 31st March 2021. Some purchasers will be allowed more time to buy and move into their homes (and home builders to finish them) if they reserved it before 30 June 2020. They must have experienced severe delays with the purchase due to COVID 19. More details here

Since its launch, the scheme has provided a vital helping hand to many homeowners and it is positive news that first time buyers will continue to benefit from the scheme. Full details of the criteria and timescales for both schemes can be found here.


Jenny Woodruff


Jenny Woodruff


Jenny is a Partner and head of the Residential Conveyancing Team. She has extensive knowledge of the conveyancing process, including: dealing with freehold and leasehold sales & purchases; new build purchases; remortgages; transfers of equity; shared ownership; help to buy transactions & general property advice.