First time buyers only have two more months to use the Help to Buy Equity Loan Scheme which enables people to purchase a new build property with just a 5% deposit. The government then tops this up with a 20% equity loan, rising to 40% in London, that is interest free for the first five years.
The initiative will stop accepting new applications at 6pm on 31 October 2022 before completely closing on 31 March 2023.
The first deadline in October is the date by which you must apply to the Help to Buy equity loan scheme, having agreed to purchase a home off plan. You must have legally completed on your home by 31 March 2023 (meaning you must have the keys and be able to move in) or you will not be eligible for the equity loan.
The builder must have finished building your home so that it is ready to live in by 31 December 2022. This is known as the practical completion.
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