New Deadline for Help To Buy Applications
Homes England has recently brought forward the final date for Help to Buy applications by two months. The equity loan scheme which had an expected deadline of the end of December is now asking for all final applications by 31st October. We have given an overview of what this means for first time buyers hoping to use the scheme and what to do if you miss it!
The Announcement
Time is suddenly of the essence for first time buyers hoping to take advantage of the Government Help to Buy scheme. The popular scheme which was introduced back in 2013 is coming to an indefinite end in March 2023 and Homes England has recently announced the application deadline has been brought forward from December to October.
Don't panic
What does this mean for those who are hoping to use the scheme to buy their first home? Don’t panic, there is still time. You will just need to have your application in by 31st October to avoid missing out.
Before picking up that pace on your home search, we want to remind you that depending on where you are planning to buy in the country, there will be a price cap on what you can spend, below is a breakdown;
North East: £186,100
North West: £224,400
Yorkshire and the Humber: £228,100
East Midlands: £261,900
West Midlands: £255,600
East of England: £407,400
London: £600,000
South East: £437,600
South West: £349,000
Make a plan B
Even though the clock feels like it is suddenly ticking, take a breath and make a plan. Make a list of areas you like, the number of bedrooms you need and do your research. Speak to one of our agents to discuss your requirements and book an appointment to chat with one of our fantastic Mortgage Advisers. If you don’t quite meet the deadline, our expert advisers can help you understand the requirements to buy without the Government Help to Buy scheme.
Homes are still available with the Help to Buy Scheme
If you are keen to make that move and buy your first home, take a look at the fantastic Navigation Point development in Castleford. With the development coming to an end soon, there is still a chance to buy a home here using the Government Help to Buy Scheme!
For more information about Navigation Point, contact the Sales Team on 01977 731802
