HELP TO BUY HAS CLOSED FOR NEW APPLICATIONS
The Government backed Help to Buy Equity Loan scheme, Help to Buy has closed for new applications in October 2022 and will run until the end of March 2023 for those purchasers with an existing application time to complete their buying process.
Changes to Help To Buy: Equity Loan
The Help to Buy: Equity Loan was a Government scheme for first-time buyers first introduced in 2013. The scheme allowed first-time buyers to buy a new build home with a deposit of just 5% and would loan the prospective homeowner up to 20% (40% in London) of the full purchase price, interest-free for the first 5 years.
Help to Buy closed for new applications in October 2022 and will run until the end of March 2023, with this gap between dates aiming to give purchasers with an existing application time to complete their buying process.
If you have an existing Help To Buy application and have any questions, speak to a member of our team.
What alternatives to Help to Buy are available?
A great alternative to Help to Buy is Shared Ownership, a government-backed part-buy, a part-rent scheme that gives buyers the opportunity to purchase a percentage share of a home.
Shared Ownership allows you to purchase a share of between 25–75% of a home and pay a below market rent on the remaining share.
When the time is right for you, you’ll be able to purchase additional shares (known as staircasing) all the way up to 100%.
Peabody New Homes currently offers homes across London available to purchase through Shared Ownership, such as Zone at Oval Village and MacFarlane Place.
What if i've already purchased through Help To Buy?
Applicants who have already purchased through Help to Buy must have a completed property by 31st December 2022 so it’s ready to live in. This is called practical completion, and it is when your home is built and has received a new-home warranty.
You must legally complete by the 31st March 2023 and you’re expected to have the keys to your home by 6 pm. If you don’t complete by this date, you will not be eligible for the equity loan.
More information on the end of Help to Buy scheme London can be found on the Government Help To Buy: Equity Loan Website.
Find homes available with Shared Ownership
At Peabody New Homes, we have homes across London and the South East that can be purchased with the support of Shared Ownership. Use our property search to find your place to call home with Peabody New Homes.
