Published: 28 October 2022
On Monday, 31 October 2022 the Government’s Help to Buy equity loan scheme will be closing for any new applications. Existing applications will then have a further 5 months for the home to be built and the keys to be in the borrower’s hand before the scheme officially closes on 31 March 2022.
The Help to Buy equity loan scheme has been in existence for nearly 10 years and has proven to be highly popular with borrowers with more than 360,000 homes bought using the scheme. As things stand there are no plans from the Government to replace the Help to Buy equity loan scheme.
You can read the Government’s official press release here.
What this means.
As a participant in the scheme we will be withdrawing Help to Buy from our mortgage range on Monday 31 October 2022.
As the scheme doesn’t officially close until the 31 March 2023, mortgage applications that are currently being processed will continue.
Any Decision in Principle (DIP) submitted before 31 October 2022, will be honoured for up to 7 days, providing a request to Homes England for the Help to Buy equity loan has been submitted. After the 7 days have lapsed (on 8 November) the Society will no longer accept any further Help to Buy mortgage applications.
For more information please do not hesitate to speak to one of Mortgage Advisers or your broker today.