In May, the government announced it had hit a new milestone with over 350,000 young people and families successfully buying their own place through the scheme.1
In this article, we’ll answer some common questions around key dates, replacement schemes and offers.
When is Help to Buy ending?
The scheme ends in March 2023. If you’re still looking to benefit from it, it's important to note that the Help to Buy deadline for applications is 31st October 2022 – you won’t be able to apply after that date.2
Your homebuilder must have your home finished and ready for you to move in by 31 December 2022, and you must legally complete by 31 March 2023 – if you miss this date, you will no longer be eligible for the scheme.
Three Help to Buy alternatives
There are no plans for a Help to Buy extension.3 The good news? While there won’t be a like-for-like replacement, there are still plenty of great options open to first-time buyers.
To help you along your path to homeownership, we’ve summarised four potential Help to Buy alternatives.
1. Deposit Unlock
Open to both first-time buyers and existing homeowners, the Deposit Unlock scheme could help you buy a brand-new home with just a 5% deposit.
Devised in collaboration with the housebuilding industry and lenders, it makes homeownership more affordable, by providing customers with competitively priced mortgage products up to £750,000.
2. Deposit Boost
If you have a 10% deposit, you could boost it by up to 5% with our Deposit Boost scheme. This means you’ll only need an 85% mortgage for a brand-new Barratt home – so you could borrow less and secure a more competitive mortgage rate while you’re at it.
Once you’ve found a home you’re interested in, all you need to do is speak to a Sales Adviser from the development – they’ll let you know if Deposit Boost is an option. They can also connect you with a New Homes Mortgage Adviser who can provide advice on securing a mortgage that’s right for you.
3. Home Reach
Barratt Homes has partnered with heylo housing on Home Reach, a government-backed Shared Ownership scheme that allows you to buy a share of a new home and then pay an affordable monthly rent on the remaining share. As time goes on, you can choose to increase your share in your home – up to 100% ownership.
To be eligible for Home Reach, you must be a first-time buyer, former homeowner without the means to buy outright, or a current shared owner. Your annual household earnings must be £80,000 or less, and you’ll need a deposit of at least 5% of the 50% share value. You’ll also need to pass a financial assessment.
Help To Buy key dates and facts
To make things easier, here’s a checklist of Help to Buy need-to-knows:
- Help to Buy officially ends on 31 March 2023
- The Help to Buy deadline for applications is 31 October 2022
- You must legally complete by 31 March 2023
- When Help to Buy ends, it will not be extended
- You can access Help to Buy alternatives such as Deposit Unlock, Home Reach, and Deposit Boost
We’re here to help
Whether you’re a first-time buyer or existing homeowner, we have a range of schemes to help make your homebuying journey as easy and stress-free as possible.
References
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