Tim Davis, Senior Product Manager
With everything that’s been happening recently, you’d be forgiven for missing a key Help to Buy date change which could give customers looking to purchase a home through the scheme some much-needed breathing space.
As part of package of measures intended to stimulate the housing market which ground to a near standstill during lockdown, the Chancellor of the Exchequer announced he was extending the first deadline from 31st December later this year to 28th February 2021 to give builders more time to complete properties eligible under the scheme.
This should come as welcome news for many homeowners who had their plans jeopardised following the outbreak of COVID-19 which meant their homes were unlikely to be finished in time for the original 31st December deadline date.
The second deadline date of 31st March 2021 for the completion of sales remains in place. However, the government has said some homebuyers who reserved a property before 30th June 2020 will be granted more time if they have faced particularly severe delays as a result of the pandemic1. It’s worth noting that the scheme will continue in a reduced form from 31st March 2021, most notably being restricted to first time buyers only.
Customers taking advantage of Help to Buy can also utilise the Stamp Duty holiday announced in July which means they won’t pay tax on the first £500,000 of property purchases.
If you have a customer who’s looking to purchase a property through the Help to Buy scheme, our New Build Underwriting Team is here to help. The team is dedicated to assessing cases within 48 hours and making offers within 21 days, as well as providing support and regular progress updates.
We accept customers with non-repayable family gifted deposits and those who may have been declined by high street lenders due to less than perfect credit profiles, as well as self-employed customers with one year’s accounts or HMRC tax calculation and corresponding tax year overview.
In addition, to give them even more of a helping hand, we calculate our Help to Buy Equity Loan affordability based on 1.75%. We’ll also consider applications through the Forces Help to Buy scheme, even when combined with a traditional Help to Buy loan.
To find out more about how we can help, call the team on 0330 159 6001 or visit www.precisemortgages/residential/newbuild