The Help to Buy Scheme ends April 2023
The nationally known Help To Buy scheme, which has been helping people to buy their new home for the last 8 years with a 5% deposit is soon to be coming to an end in April 2023. With that in mind, if you are currently in the process of buying your first home or considering taking the leap in the near future, here are a few things to consider.
1. Changes to Regulation
Since 2021, changes were implemented meaning that the scheme is now only available to people purchasing their first home. A regional price cap was also introduced, this means you are eligible for the scheme if your house purchase price doesn’t exceed a certain price in your area.
2. The New build CML Certificate must be signed off by 31st December 2022.
A new build CML certificate is a document that must be signed off by a professional construction consultant. This is to certify that the house in question has been built to a satisfactory standard and matches the original drawings on the plan.
3. All house purchases must be completed by 31st March 2023
Completion is the last part of the buying process where the keys to your new home are exchanged and the process of moving in can begin. Once the purchase has been completed, the house is officially and legally yours. All properties must be completed before 31st March 2023 to ensure they fall within the Help To Buy Scheme bracket.
If you are considering buying your first home, Strata are here to help. You can reserve your dream home online for just £100 and we will be here to guide you through all the options available. If you would like to know more about how to make the most of the Help To Buy scheme and how it could work for you, get in touch or find your nearest development to book your appointment today. Our Customer Experience Managers are always there to welcome you with a smile and answer any questions you may have about the process from start to finish.