You are here: Home - Mortgages - First Time Buyer - News -

Help to Buy housebuilder completion deadline extended by one month

0
Written by: Anna Sagar
05/12/2022
The government has extended the housebuilder completion deadline for Help to Buy by a month in certain circumstances to 31 January 2023 to “make sure people do not lose out because of delays to completing their homes”.

The Help to Buy Equity Loan allowed people to buy a new-build property with a minimum of a 5% deposit and to use an equity loan of up to 20% of the purchase price (40% in London). The loan is interest-free for the first five years. See YourMoney.com’s Help to Buy Equity Loan guide for more information.

Help to Buy closed for new applicants on 31 October.

New government guidelines for Help to Buy

Under previous guidelines, housebuilders were required to reach practical completion by 31 December this year, known as the first longstop date.

The Department for Levelling Up, Housing and Communities (DLUHC) said that to “avoid customer detriment” this date will be extended in certain circumstances.

A homebuilder needs to notify the DLUHC in writing that it is unlikely to reach the practical completion by 31 December but will reach this on or before 31 January 2023.

Practical completion takes place on or before 31 January 2023.

It said that it is available for homebuyers with authority to proceed or authority to exchange in progress. Homebuilders need to notify Homes England before 20 December.

The DLUHC said that this “aims to give homebuyers enough time to legally complete before the scheme ends on 31 March 2023”.

Help to Buy extended to beat any delays

A DLUHC spokesperson said: “Supporting aspiring homeowners is a government priority. We have extended the Help to Buy deadline to make sure people do not lose out because of delays to completing their homes.

“Housebuilders must ensure they finish building work on all properties by 31 January. The legal completion deadline remains 31 March.”

In November, YourMoney.com presented a guide on the 10 alternatives to Help to Buy that may currently be available to first-time buyers.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

Your rights for refunds if travel is affected by strikes

There have been a wave of strikes this year across many different industries, and more are planned over Christ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week