The Help-to-Buy Scheme is Set to Close Early

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3l3m3nt0r

The Help to Buy scheme was set to finish accepting applicants at the end of this year, but it has now been brought forward to October, two months earlier than expected.

The applications will close on the 31st of October 2022 at 6 pm for the last of the Help-to-Buy.

The Help-to-Buy scheme began in 2013 and was launched by George Osburne, and it has enabled over 350,000 first time buyers the support to get on the property ladder. Offering an equity loan to first-time buyers allows them to buy a new build property with a deposit of just 5%.

In 2020 we saw the scheme become available to only first time buyers and with a price cap on the qualifying properties as the rules were made a bit stricter. 

This news will be a major upset for many people attempting to get on the property ladder with the aid of the Help-to-Buy scheme.

Sir Lain Duncan Smith, former conservative party leader, has said it is “disgraceful” that they have brought the date forward. 

What are the options when the Help-to-Buy scheme ends? To find out more, read our previous article, ‘The End of the Help-to_buy scheme?‘.

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