The Help to Buy equity loan scheme will now close to applicants in October. The deadline has been moved to 6pm on October 31st, 2022, while many believed this deadline could run until the end of the year. The change comes to ensure that applicants have enough time to complete on the purchase of their first homes by the deadline for the closure of the scheme – 31st March 2023.
The newly announced deadline has been chosen to avoid issues with completions by the time the scheme closes in March 2023. The October deadline is a sooner than expected one, which could perhaps cause a rush of applications between now and October 31st. A spokesperson for Homes England has said: “When the scheme closes on the 31 March 2023 homebuyers must have legally completed on their home. The deadline for new applications is at the end of October to ensure consumers have enough time to complete their purchase including finalising conveyancing etc.”