The official Government Help to Buy website
Equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000.
You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with a Help to Buy: Equity Loan.
Budget 2018 announced that the Help to Buy scheme would be coming to an end in March 2023. A new version of the Help to Buy scheme will operate from 1 April 2021 until 31 March 2023 which introduces changes to ensure the scheme is better targeted towards those who most need support to achieve home ownership. The key changes are:
The regional caps are set out in table below:
|Region||Price cap for properties eligible for Help to Buy Equity Loan scheme from April 2021 to March 2023|
|Yorkshire and The Humber||£228,100|
|East of England||£407,400|
To allow purchasers to buy their new homes from 1 April 2021 we anticipate that they will be able to make reservations from this autumn. Customers can find more detail about available properties in their area and how the scheme operates via their local Help to Buy agent. Further details can be obtained from your local Help to Buy agent
Until the new scheme is introduced customers will continue to be able to purchase homes through the current Help to Buy scheme unaffected. However, all homes purchased under the current scheme will need to reach legal completion by 31 March 2021. This will influence when a builder will close for reservations using the scheme, therefore we recommend that you factor this into your plans and enquiries.