The Government’s equity loan scheme, introduced in 2013, was designed to help first-time buyers onto the property ladder by allowing them to borrow up to 20% of the property’s price. The scheme will come to an end in March 2023 therefore prospective buyers will need to act quickly if they wish to utilise it. Here are the key dates to be aware of:
You will need to have submitted your application AND reserved your property by 31 October 2022.
The property must be built and ready to move into by 31 December 2022.
You must have legally completed the purchase (collected the keys) by 31 March 2023.
Help to Buy Equity Loan Deadline
If any of the key dates are not met you will not be able to use the loan towards your purchase.
If the property is not built by 31 December and you do not wish to proceed with the purchase you will be eligible to reclaim your reservation fee. Where contracts have already been exchanged, you should be released from the contract and your deposit should be refunded to you.
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