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Help to Buy Equity Loan Scheme to End

Published on 7 December 2022 | Modified on 15 December 2022

Written by Lana Jones
buying a house keys


If you are a first-time buyer looking to purchase a new build property then you may have heard of the Help to Buy Equity Loan scheme. The current government scheme provides five-year interest-free loans to first time buyers on eligible new build properties with only a 5% deposit.

It is therefore not surprising that many first-time buyers have used the scheme as a tool to step on the property ladder.

However, despite the popularity of the scheme, it has been announced that the scheme is coming to an end in March 2023. If you are planning on using the scheme, it is vital that you are aware of the key dates below to avoid missing out on your dream home.

Key Dates

31 October 2022

  • Application for home buyers to Help to Buy closed at 6pm on 31 October 2022, so unless you have already submitted your application, then you will not be able to benefit from Help To Buy.  However, a new ‘First Homes’ scheme has been introduced to help, which typically allows you to purchase a new home for 30-50% less than its market value – further information is available through developers and at First Homes scheme: discounts for first-time buyers – GOV.UK (

31 December 2022

  • Any Help to Buy Equity Loan property must be ‘build-complete’ and have reached practical completion by 31 December 2022. This is to give home buyers sufficient time to legally complete before the scheme ends on 31 March 2023.
  • To meet practical completion, the property must have complied with Home England’s Building Warranty, Planning Permission and Building Regulation requirements.

31 March 2022

  • The solicitor must inform Help to Buy of the completion date and request completion funds at least 12 working days in advance of legal completion.
  • This is to ensure that the purchase can complete by 31 March 2023 and new buyers can have the keys to their home before 6pm that day.

You will not be eligible to use the equity loan scheme if any of these deadlines are not met. However, buyers of any properties that are not build complete by the 31 December 2022 will be able to reclaim any reservation fee paid to the developer if they do not wish to continue with the purchase.

Developers should be aware of these deadlines and communicating these deadlines to buyers, but we know from practice that this is not always the case. If you are a first time buyer purchasing a property with the Help to Buy Equity Loan Scheme, we strongly recommend speaking to your solicitor and the developer about the key dates to ensure that you don’t miss out.

Please do not hesitate to contact Poole Alcock’s specialist new build team – we have extensive experience in purchase transactions using the Help to Buy Equity Loan scheme.   Call us on 0800 470 0336, or go online: Poole Alcock Solicitors | Expert Law Firm | Committed to Excellence.

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