The End of the Help-to-Buy Equity Loan

The Help-to-Buy Equity loan is ending very soon. The government-backed initiative has supported buyers, latterly just first-time buyers, as well as the new-build sector and the overall housing market. Looking ahead into 2023, Help-to-Buy will be no more. Over the last 12 months we’ve produced various bits of content around the end of the scheme with blogs on the public and private schemes looking to fill the void left by the end of the Help-to-Buy Equity Loan. In this blog, we’ll look at the key dates in the end of the scheme.

From the developer’s perspective, some deadlines have already passed regarding registering for the scheme and producing forecasts required for funding. We’ll focus on the dates which are relevant to buyers of eligible properties.

Application Deadline – 31st October 2022

Applications for the Help-to-Buy Equity Loan are submitted through completing the Property Information Form (PIF). Buyers must have reserved their property and submitted the PIF to Help-to-Buy by 6pm on 31st October in order to be eligible for the scheme. Applications will not be allowed after this date. Authority to Proceed (ATP), granted on successful application, is not required before the deadline.

Build Completion – 31st December 2022

Practical homebuilder completion must be achieved by 31st December. This simply means the developer must have finished building the property and it must be in a state ready for you to move into. Specifically, the building warranty and building regulations completion certificates must have been issued to the developers.

Legal Completion – 31st March 2023

Move in day! The deadline for full completion, when you get the keys and the home is yours, can be no later than the 31st March next year. This means the mortgage offer must be through (ideally well before!) and the conveyancing must be finished with a completion date no later than this date. Aiming to complete before the deadline would be advisable in case of last minute delays.

In summary, applications must be submitted by the 31st October, the build must be finished by the 31st December and you must complete by the 31st March next year!

Many new-build developments with properties available to purchase through the Help-to-Buy Equity Loan are already sold out. However, there are still new-build properties out there and available that are eligible for the scheme. If you’re looking to buy a new-build property and the Help-to-Buy Equity Loan is available on it, we’re here to help with free, professional mortgage advice.