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Deadline looms for the Help to Buy Scheme

What help is available now the Help to Buy scheme has ended?The deadline looms for the Help to Buy Scheme. The Government scheme officially comes to an end on 31st March 2023 and closed to new applicants in 2022. Buyers signed up to the scheme have to legally complete on their purchase by the end of March or risk losing out. Adam Nanson from Your Mortgage Expert talks about the Help to Buy deadline and the options available to those who have missed out from benefiting from the scheme.

What is the final completion deadline for the Help to buy scheme

“The Help to Buy application deadline expired on 31 October 2022 which means you can no longer apply for the scheme. But those who had already applied for a loan before then are still able to benefit from the scheme providing they complete before the end of March 2023.

“Those who miss the deadline won’t be eligible for the five year interest-free loan. Research from Wayhome has found that those who fail to reach the final Help to Buy completion deadline could have to find an additional £52,218 as well as potentially lose their property if they can no longer afford it*.”

Help to Buy MortgagesWhat options are available once the Help to Buy scheme ends?

“If you haven’t applied for the Help to Buy Scheme or miss the completion deadline, there are other options available to help with affordability.  I’ll go through some of the main ones below. We would advise you to speak to your Mortgage Broker as we will be able to let you know which options are suited to your situation.

Shared Ownership Scheme

“The Shared Ownership scheme is a Government backed option to help with affordability. It offers you the chance to buy a share of between 25% and 75% of your home’s value and then pay rent on the remaining share. For this reason, it is often referred to as ‘part-rent, part buy’. It is an option now that the Help to Buy Scheme has ended. We have a page dedicated to the Shared Ownership scheme on our website if you want to find out more.

95% Mortgages

“There are still some 95% mortgage still available on the market, although these have inevitably dwindled in number. These enable you to purchase a property with just 5% deposit and are sometimes known as 95% loan to value mortgages.

“They can be useful for First Time Buyers who struggle to save up enough of a deposit. The downside is that they are typically more expensive as, having a larger deposit can unlock better interest rates. Having said that, they can be a useful way to get your foot on the property ladder. Enabling you to build up equity in your home, which hopefully means you get a better deal when you come to remortgaging.

Stamp Duty Cut

“There is currently no Stamp Duty Land Tax to pay on residential properties purchased in the UK with a value of less than £250,000. The amount you pay in Stamp Duty then goes up in increments according to the purchase price.

“On top of this, for First Time Buyers, there will be no Stamp Duty to pay on residential properties with a purchase price of up to £425,000. To find out how much you will pay on Stamp Duty Land Tax for your purchase, see the Government’s SDLT Calculator.

Bank of Mum and Dad

“With the cost of living rising, parents are more and more helping their children to get on the property ladder. Either by helping with the deposit, acting as a guarantor or by getting a joint mortgage.”

If you have read our deadline looms for the Help to Buy scheme and want some mortgage advice, why not get in touch? Whether you’re a First Time Buyer or a Home Mover, you might be worried about affordability right now. And we can help.

Why not get in touch today for a no obligation, free conversation. We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.

Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.


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