Help to buy - changes?

SJBRDR

Hi all,
we we have been looking to buy a new build property that was initially due to be built December of this year.  
Due to COVID this has been pushed back to March 21 once the developments started building again.  So we put an early bird reservation on the property waiting on it being formally lauched.  On my tours of the internet I saw that the help 2 buy scheme is changing 1st April 2021.  So a bit of a panic of oh goodness what if not done in time before seeing elsewhere that properties need to be completed by end December to be in the current scheme.  If this is the case the regional caps mean this property is out of our grasp.

I can’t see that the new scheme has been formally launched?  And have seen that there has been some push for this to be reconsidered due to impact of COVID on the property market.
Does anyone know the facts on this? Or know when it’s likely to be confirmed?

Thanks for reading any advice very gratefully received 

SJBRDR

Thrugelmir

Are you FTB's? 

SJBRDR

Yes we are

Dinpraad

I might be in the same predicament of new builds on my development being pushed back and help to buy also ending with regional caps.

I hope the government extends this due to the pandemic. 

Dinpraad

Any snippets of new information 

Daanish99

The new Help to Buy scheme does not appear to be as flexible as the current scheme.  If you are in a position to buy via Help to Buy at present then go for it.  I think more information will come out as we progress.  Currently, the advice from HTB is that the completions need to be done by a certain date.  Your Mortgage Adviser will be able to talk you through the whole process.

Dinpraad

nothing mention in mid budget today

SJBRDR

No I had so much hoping on this.  So stressed and think it’s all just going down the pan!

hippocrates1

You usually complete on a new build way before it’s built so you’ll likely have loads of time before the deadline.

kingstreet

hippocrates1 said:

You usually complete exchange contracts on a new build way before it’s built so you’ll likely have loads of time before the deadline.

Quick clarification.
"Completion" is when the property and the keys change hands. Under the current rules, the property is expected to be build-complete/finished by 31/12/2020 and signed-off by its warranty provider (NHBC etc) but "completion" can take place upto 31/03/2021.

Dinpraad

kingstreet said:

hippocrates1 said:

You usually complete exchange contracts on a new build way before it’s built so you’ll likely have loads of time before the deadline.

Quick clarification.
"Completion" is when the property and the keys change hands. Under the current rules, the property is expected to be build-complete/finished by 31/12/2020 and signed-off by its warranty provider (NHBC etc) but "completion" can take place upto 31/03/2021.

@kingstreet do you think there will be an extension to the current scheme as result of COVID in the autumn budget statement??