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Beat the deadline for Help to Buy

24 September 2020

The clock is ticking on the Government’s existing Help to Buy scheme which ends on 31 March 2021 so make sure you don’t miss the deadline! 

Since it was introduced back in 2013, the Help to Buy scheme has helped more than 273,000 people move into their dream home by granting a 20% equity loan to buyers using a 5% deposit and taking out a 75% mortgage. The loan in interest free for five years, making your move to a new build home, priced up to £600,000, more affordable. 

From April next year, Help to Buy will be restricted to first time buyers and will be open for a two year period. New regional price thresholds will also be introduced, restricting the value of the homes where buyers can take advantage of the scheme. 

But right now - whether you’re a first time buyer or moving up the property ladder - you could still be eligible for the current Help to Buy scheme as long as you choose a property that will be finished by the end of February and you complete by the end of March. This is an extension to the previous end date, where homes had to be ready by the end of December, and was introduced to allow for some of the delays caused by the pandemic. 

The good news is that here at Simply New Homes at Henry Adams, we have a great selection of new build homes available at less than £600,000 which will be ready to move into before the deadline date of 28 February. 

Whether you’re looking for a 1 bedroom apartment or a 4 bedroom family house, let us guide you through the process from finding your dream home to the straightforward Help to Buy scheme and moving into your brand new home for the New Year. 

What’s more, if you move by the end of March, you can also benefit from the introduction of the Stamp Duty holiday. 

Everyone will be saving thanks to the reduced rates of stamp duty, and if you complete on your main home priced up to £500,000, you won’t have to pay any stamp duty at all.On the more expensive homes, you could still be saving up to £15,000 within the special period which runs to 31 March 2021.

But time’s running out! 

If you want to take advantage of the double incentives from the Government on your next new home, then now is the time to act. 

Transactions are taking longer at the moment, given the high levels of activity in the market this summer and the challenges of lockdown faced by conveyancing and mortgage firms. So to help you move successfully within the next few months, Simply New Homes is here to lend you a helping hand. 

Get in touch with our friendly and knowledgeable advisors to discuss your new ideal home and for guidance on buying a new home this autumn - call us now on 01243 521833 or simply email sales@simplynewhomes.com.

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Home Buying Advice , New Homes , Industry news