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Help to Buy is changing, don’t miss out

By Katie Hendra

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As of 31st March 2021, the current Help to Buy scheme officially draws to a close, along with the stamp duty holiday that so many buyers have benefitted from, but applications for it close on the 15th December 2020. This means you only have a few weeks left to save up to £15,000 in stamp duty and secure your new home with the current Help to Buy scheme.

Key dates for the current Help to Buy scheme

Tuesday 15th December is the deadline for reserving your new home in order to benefit from the stamp duty holiday and the current Help to Buy scheme. If you use the new scheme you will not be able to complete on your purchase before the end of the stamp duty holiday.

Wednesday 16th December is the date from which any new Help to Buy reservations will be made under the new scheme.

March 31st is when the current stamp duty holiday will end. There is no information yet regarding what levels of stamp duty will be introduced after this date.

Key changes of the upcoming Help to Buy equity loan scheme

Regional price caps instead of a national price cap – although in London this cap will remain at £600,000

Open to first-time buyers only – unlike the current scheme, no one involved in the purchase can have ever owned a property before, either in the UK or abroad

Interest paid on the loan in year six increases from RPI + 1% to CPI + 2%

All Help to Buy Homebuilders must have agreed to sign up to the New Homes Ombudsman, which will launch in 2021. The scheme aims to compensate buyers for poor building work and enforce high building standards.

Homebuilders are not allowed to charge a ground rent on a Help to Buy home.

Qualifying for Help to Buy

Many buyers have already booked an appointment to view a show home in person, and lenders are reporting increasing waiting times for Help to Buy eligibility appointments. In order to make sure you qualify for the Help to Buy scheme, speak to our New Homes team or mortgage advisors Alexander Hall as soon as possible.

Available developments

We currently have a range of developments across London which are available using the current Help to Buy scheme.

Colindale Gardens, NW9

Colindale Gardens is a brand new development boasting a selection of studio, 1, 2 and 3 bedroom apartments located across 9 acres of green open space and 1st class residents' amenities

The Lane, N17

Set in a fabulous location The Lane is a brand new stylish development boasting an array of gorgeous 1,2 and 3 bedroom apartments.

The West Works, UB8

The West Works offers a sensational collection of 1, 2 and 3 bedroom apartments located in the vibrant neighbourhood of Southall, each beautifully finished to a high specification and featuring a communal Courtyard.

Queensbury Square, NW9

Queensbury Square is a fantastic brand new development featuring a selection of 1, 2 and 3 bedroom apartments boasting modern interiors with high-specification finishes and an excellent location moments from parkland.

To start your property search today and secure a home before the end of the stamp duty holiday, contact Foxtons New Homes today.

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