Help To Buy Equity Loan is ending March 2023 … what you need to know …
Help to Buy Equity Loan closes on 31 March 2023 and closes to new applications on 31 October 2022. To be eligible for an equity loan, you must legally complete by 31 March 2023 and you’re expected to have the keys to your home by 6pm! If you don’t complete by this date, you will not be eligible for the equity loan. There are currently no plans to extend or replace Help to Buy Equity Loan.
To apply for Help to Buy Equity Loan, your mortgage broker must submit your Property Information Form (PIF) to your Help to Buy agent, and your mortgage application to the lender by 6pm on Monday 31 October 2022. The final date you can reserve a Help to Buy home is 31 October 2022. Reservations taken after this date will not be accepted for Help to Buy Equity Loan. This should allow enough time for you to legally complete the purchase of your home before the scheme ends on 31 March 2023.
Your homebuilder must have finished building your home so it’s ready to live in by 31 December 2022. This is called practical completion, when your home is built and has received a new-home warranty. Practical Completion is when your homebuilder must have finished building your home so it’s ready to live. To be eligible for Help to Buy, your home must reach practical completion by 31 December 2022. Your homebuilder must arrange for your home to receive a new-home warranty by this date.
If your homebuilder cannot finish your home in time, your homebuilder must return your reservation fee to you in full. Also, if you have exchanged, your homebuilder must unconditionally release you from the contract and return your deposit. Consider contacting your conveyancer for advice.