February 17

Help-to-Buy loan scheme extension welcomed

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The Housing Ministry confirms that homebuyers have an additional two months to complete deals under initiative

Homebuilders appreciated the government’s decision, which extended the current deadline for the “help to buy” loan program by two months.

The government has confirmed that buyers can now complete their purchases under the program before May 31, instead of having to complete their purchases before March 31.

Several home builders have said that the government’s Help-to-buy equity loan scheme, which offers buyers a 20% interest-free loan instead of a deposit, has been vital in allowing first-time buyers to continue buying new homes.

The government has not made any official announcement of the change to the deadline.

The updated guidance says while Help-to-Buy program will officially end on March 31, 2021, buyers using the current plan will have more time to complete the purchase.

 

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