New Help to Buy Scheme – 2021 to 2023
New Help to Buy: Equity Loan Scheme
JANUARY 2021
First-time buyers looking to purchase a home in England will continue to receive Government support under the revised Help to Buy: Equity Loan Scheme (2021-2023), which is now open for applications with buyers able to move into their new properties from 1 April 2021.
Whilst the new scheme keeps most of the features of the previous (2013-21), a new regional price limit means the cost of the new build property must not exceed 1.5 times the average first-time buyer price. The Government hopes that the limit will keep the prices of new homes closer to the regional first-time buyer average.
HELP TO BUY: EQUITY LOAN PRICE CAPS – APRIL 2021 TO MARCH 2023
| Region | Maximum Property Price |
| North East | £186,100 |
| North West | £224,400 |
| Yorkshire and Humber | £228,100 |
| East Midlands | £261,900 |
| West Midlands | £255,600 |
| South West | £349,000 |
| East of England | £407,400 |
Applications to the 2013-2021 scheme have until 31 March 2021 to complete their purchase and collect their keys. There is an exception for homes reserved before 30 June where Homes England has already agreed an extension to legal completion. In this case buyers have until 31 May to legally complete their purchase.
Following acknowledgment of delays to house-building caused by the coron-avirus pandemic, the Government extended the deadline for practical completion of purchases by one month. Those using the scheme will now have up until the 31 March 2021. The previous deadline was 28 February.
Eligibility
As with the previous scheme, to be eligible the property must be a new build. The buyer cannot own another property or have done so in the past and must not sub-let or rent it out after purchase.
The amounts remain the same, with the Government offering up to 20 per cent of the cost of the new build home. The remainder is made up by the buyers’ deposit of 5 per cent and the mortgage covering up to 75 per cent.
Buyers must apply through one of the Government’s ‘Help To Buy Agents’ and the new property must be purchased through a registered Help to Buy builder. A number of lenders have started to offer Help to Buy scheme mortgages for use under the new scheme.
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