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Help to Buy Scheme

Question for Ministry of Housing, Communities and Local Government

UIN 146729, tabled on 1 February 2021

To ask the Secretary of State for Housing, Communities and Local Government, whether potential home owners who have had their Help to Buy application approved under the previous scheme are allowed to use that loan until their property purchase is completed.

Answered on

4 February 2021

The Government recognises that there have been delays caused by COVID-19. Following the initial effects of COVID-19 with the hiatus to construction during the first national lockdown, on 31 July we announced changes to the scheme’s contractual deadlines which provided developers using Help to Buy an extra two months build time. Since then Homes England announced on 15 January that it will not enforce the practical completion deadline of 28 February 2021 for the current scheme, so maximising the remaining time available time for developers to build out.

Further to this, reservations agreed before 30 June 2020, have been granted additional flexibility allowing such reservations to practically complete by 30 April and legally complete by 31 May 2021.

Moreover, working in line with sector guidance, the construction industry has been allowed to continue during the subsequent covid-19 restrictions. Reservations for the current scheme were closed on 15 December providing builders sufficient time to complete their orders.

These measures provide relief for developers to build out homes delayed by COVID-19. We nevertheless continue to monitor the situation closely.

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