Government extends Help to Buy scheme

The government has announced that thousands of families can still benefit from the current Help to Buy scheme despite delays in building their new homes due to coronavirus.

The deadline for the homes to have been finished in order to comply with the equity loan scheme has been extended to ensure customers do not miss out if there has been a delay in construction due to the pandemic.

Under the current scheme, new homes would needed to have been finished being built by the end of December – the extension will mean the deadline will now move to 28 February 2021, helping thousands of customers to get the keys to their new home. The deadline for the legal completion of the sale will remain the same – 31 March 2021.

The government is also announcing an extra measure to protect existing customers who have experienced severe delays as a result of coronavirus.

Housing Minister Christopher Pincher said: “This government is committed to helping a new generation to realise their dream of home ownership, and since 2010 we’ve helped more than 640,000 families into home ownership through our support including Help to Buy and Right to Buy. Today’s announcement will help provide certainty and assurance for Help to Buy customers whose new homes have been delayed due to coronavirus and affirms the government’s commitment to helping more people to own their own home.”